Good morning Please find comment from Northland Capital Partners below regarding todays update from Rame Energy, the Chilean wind developer, which highlights that indicative terms have been signed with Santander for up to US$69m of equity financing. This framework agreement with Santander will fund the construction of its next 118 MW of wind projects in Chile and represents an important milestone towards the Companys goal of having in excess of 100 MW of power generating capacity in operation in the country by the end of 2015. The Company is already partnered with Santander on two projects which together comprise 15 MW, due to become operational by the end of 2014.

Full initiation from Northland is to follow in due course.

The share price is up 2.48% to 15.5p. Best Lizzie
UTILITIES: RAME ENERGY (RAME.L); 15.125p/�14.4m CORP UPDATE: SIGNIFICANT FUNDING TERMS AGREED
� Following on from its financing agreement with Banco Santander on its first wind projects, Raki and Huajache (15MW of capacity), Rame has now signed Indicative Terms with Santander for equity financing on its next four projects in Chile with a combined capacity of 118 MW.

This is an exclusive framework agreement including indicative terms with Santander Investment Chile Limitada ("Santander") for up to US$69m of equity financing. � Subject to due diligence and final contracts, Santander would fund 80 to 90 per cent of the equity capital for the project as well as being responsible for structuring the debt packages.

Rame would contribute the balance of the equity.

Further, as part of the Agreement, Rame has a Call Option Right to acquire Santanders equity upon commencement of the commercial operations, based on an already agreed formula. � Importantly, the Terms also stipulates that Santander would pay an already agreed price per MW to Rame on purchasing its interests as well as contracting Rame to oversee the build-out of all four projects.

This would provide both an injection of cash into Rame, which would help fund its own equity positions, and project management fees during the construction phase. � The Terms envisage that the four projects commence commercial operations by 31 December 2015 at the latest, with this being a slight acceleration on our previously assumed timetable for the last project. � Finally, The Terms also specify that Santander should be consider first for the equity financing of future projects developed by Rame up until 31 December 2016, suggesting that it remains keen to work with Rame beyond the projects captured in the above arrangement. � Full initiation to follow in due course. NORTHLAND UK VIEW: Given this development, we remain confident that Rame is delivering on its strategy to become an independent power provider ("IPP") in Chile by the end of this year and that it will have over 100MW of installed capacity by the end of 2015.

Our valuation on Rame in the pre-IPO note was based on a risked-weighted NPV model; given that we see the agreement as de-risking the financing of these projects, we are now reviewing our previous US$40m company valuation with a likely revision to the upside.

Full initiation to follow in due course.
Rame Energy / Index: AIM / Epic: RAME / ISIN: JE00BBD8GG53 / Sector: Energy 16 June 2014 Rame Energy plc ("Rame" or the "Company") Indicative Terms signed for equity financing of next four wind projects in Chile totalling 118 MW Rame Energy Plc, the international energy consultant, engineer and power generator, is pleased to announce that it has signed an exclusive framework agreement including indicative terms (the "Terms" or the "Agreement") with Santander Investment Chile Limitada ("Santander") for up to US$69m of equity financing for the Companys next four wind projects in Chile totalling 118 MW.

This Agreement formally builds on the Companys existing cooperation with Santander, which has seen Santander co-finance Rames first two wind projects in Chile totalling 15 MW, and is in line with the Companys strategy to become a leading independent power provider ("IPP") in the country. Under the Terms it is proposed that, subject to due diligence and final contracts, Santander would acquire each project for an already agreed price per MW and provide between 80 and 90 per cent.

of the required equity capital for the project.

Rame shall contribute the balance of the equity and Santander shall be responsible for structuring the debt packages. The Terms envisage that the four projects commence commercial operations by 31 December 2015 at the latest.

As part of the Agreement, the Company has a Call Option Right to acquire Santanders equity upon commencement of the commercial operations, based on an already agreed formula.

In addition, Rame will be contracted by Santander to oversee the construction of all four projects.

The Terms also specify that Santander should be considered first for the equity financing of future projects developed by Rame up until 31 December 2016. Tim Adams, Rame CEO, commented: "This framework agreement with Santander for the equity financing of our next 118 MW of wind projects in Chile represents an important milestone towards our goal of having in excess of 100 MW of power generating capacity in operation in Chile by the end of 2015.

The Terms allow us to monetise the true market value of our development activities prior to construction, further enhance our earnings visibility and provide us with a clearly defined and de-risked route to full ownership at completion.

We will be working closely with Santander to satisfy the various due diligence requirements and conditions precedent to move to a full contract and shareholders agreement on each project as we did with our first two projects, Raki and Huajache, both of which remain on track to become operational in Q4 2014.

I look forward to providing further updates in due course." **ENDS**
Enquiries Rame Energy plc Tel: +44 (0) 1752 565638 Tim Adams (Chief Executive)
Jan Gawel (Finance Director)
Northland Capital Partners Limited Tel: +44 (0) 20 7382 1100 Nominated Adviser and Broker
Matthew Johnson / Louis Castro / Lauren Kettle (Corporate Finance)
John Howes / Mark Simpson (Corporate Broking)
St Brides Media & Finance Ltd Tel: +44 (0) 20 7236 1177 Elisabeth Cowell / Frank Buhagiar
Notes Rame is an established revenue generative global supplier of cost effective, technically optimised and reliable power generation solutions including wind, solar and diesel to blue chip clients such as Akzo Nobel, Anglo American, Barrick Gold and Codelco.

The Company has executed its first joint venture agreement with Santander Investment Chile Limitada to co-finance its first two wind projects totalling 15 MW, in which Rame will have a 20% equity participation.

The debt package for the two projects is being provided by Chilean bank, Banco BICE. Rame aims to become a niche Independent Power Producer ("IPP") targeting an operational portfolio of 300MW in Latin America within three years.

The Company plans to build on its proven track record of delivering power in South America where it has been involved in the development of approximately 23% of Chiles installed wind power capacity (as at 31 December 2013).
[cid:image002.png@01CECBDD.61F8A860] Elisabeth Cowell St Brides Media & Finance Ltd 3 St Michaels Alley, London, EC3V 9DS www.stbridesmedia.co.uk Tel: 0207 236 1177 | Mob: 07900248213 | Twitter: @StBrides1