APR Energy advances on Libya contract

APR Energy's shares surged Friday after the company announced it signed a 250-megawatt (MW) contract to provide power solutions to Libya.

APR Energy's shares surged Friday after the company announced it signed a 250-megawatt (MW) contract to provide power solutions to Libya.

The company will deliver its mobile dual-fuel turbines to help cover power demand during summer as well as provide interim power while the country continues to rebuild and improve its infrastructure.

APR said the contract, which runs into 2014, is the largest in the company's history. It brings the firm's new contract wins and renewals this year up to 361MW.

"We are honoured to serve as a partner to Libya as it rebuilds and develops its new economy," said Chief Executive Officer John Campion.

"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."

RD

Recommended

Share tips of the week – 22 October
Share tips

Share tips of the week – 22 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
22 Oct 2021
Three dividend stocks from the dynamic Asia/Pacific region
Share tips

Three dividend stocks from the dynamic Asia/Pacific region

Professional investor Sat Duhra of the Henderson Far East Income investment trust highlights three of his favourite stocks.
18 Oct 2021
Share tips of the week – 15 October
Share tips

Share tips of the week – 15 October

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
15 Oct 2021
Trading: stash the family cash in this cheap wealth management firm
Trading

Trading: stash the family cash in this cheap wealth management firm

Wealth management is a growth market. Rathbone Brothers should be a prime beneficiary – and looks cheap. Matthew Partridge explains the best way to pl…
12 Oct 2021

Most Popular

How to invest as we move to a hydrogen economy
Energy

How to invest as we move to a hydrogen economy

The government has started to roll out its plans for switching us over from fossil fuels to hydrogen and renewable energy. Should investors buy in? St…
8 Oct 2021
How to invest in SMRs – the future of green energy
Energy

How to invest in SMRs – the future of green energy

The UK’s electricity supply needs to be more robust for days when the wind doesn’t blow. We need nuclear power, says Dominic Frisby. And the future of…
6 Oct 2021
Why the world’s most important economic data release has unnerved markets
US Economy

Why the world’s most important economic data release has unnerved markets

The US added only 194,000 jobs in September, far shorter than the 500,000 that were expected. John Stepek explains why markets didn't react as they no…
11 Oct 2021