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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Will the Autumn Budget impact investment markets?
Keir Starmer has warned the Autumn Budget will be “painful”. Will it impact investment markets and should you tweak your portfolio before 30 October?
By Katie Williams Published
-
TSB fined £10.9 million over ‘woeful systems and controls’ for struggling customers
News The Financial Conduct Authority issued the fine for historic failings by TSB after mortgage, loan and credit card customers were treated unfairly
By Marc Shoffman Published