APR Energy (LSE: APR.L) has signed a new contract to provide fast-track power in Angola. Featuring GE (NYSE: GE) mobile gas turbines, the deal represents APR’s first turbine project in sub-Saharan Africa, and quickly follows the GE strategic alliance announced in October. The contract will bring APR’s total footprint in Angola to 80 MW, and supplements the existing 40 MW contract for diesel power modules, which was announced this week to renew for another 12-month period.
The new 12-month contract in Angola, providing APR Energy’s full turnkey solution, will utilize two of the four non-contracted mobile gas turbines acquired as part of APR Energy’s recent acquisition of GE’s power rental business in October of this year. Pricing on the contract is consistent with APR Energy's historic pricing and margin levels. The plant is expected to begin operations in early 2014.
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Commenting on the announcement, John Campion, APR Energy's chief executive officer, said, “Today’s announcement of our first mobile turbine deal in sub-Saharan Africa is further endorsement of our strategy and the rapidly expanding appeal of mobile gas turbine technology for both developed and developing markets. Our strategic alliance with GE is already paying dividends, as demonstrated with this new GE turbine win in Angola and our recently-announced contract extension in the U.S. Virgin Islands. We are confident that our strategy remains well placed to meet customer needs, delivering enhanced services and turnkey solutions, while securing high utilization rates and strong pricing.”