APR Energy Shares Soar on Libyan Contract

By John Lee.

Shares in APR Energy were up as much as 14 percent in early trading on Friday after the company announced that it has signed a new 250MW contract in Libya to provide a turnkey power solution.

According to a statement from the company, this represents the largest contract in APR Energy's history, and one of the largest single temporary power contracts ever to be signed. The initial term of the contract will run into mid-2014.

The power solution, which showcases APR Energy's highly mobile, dual-fuel turbines, will help cover anticipated power demand during the critical summer high-heat season, as well as provide interim power while the country continues to rebuild and improve its infrastructure.

This brings APR Energy's total new contract wins and contract renewals this year to 361MW. The current order book (backlog of business) stands at over 14,651 MW-months, up 26% from 31 Dec 2012.

John Campion (pictured), CEO, said:

"We are honoured to serve as a partner to Libya as it rebuilds and develops its new economy. This project is ground breaking for the country in terms of both scale and scope. The Libya contract, together with our two recent wins totalling 300MW in Uruguay, aligns with APR Energy's strategy to focus on large-scale power projects. For such projects, we strongly believe that mobile dual-fuel turbines are the best fit and the customer technology of choice."

(Sources: APR Power, Yahoo!)

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