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.

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