12th Feb 2014 10:45
LONDON (Alliance News) - APR Energy PLC Wednesday said it has achieved a landmark power generation agreement contract to provide energy to more than six million people in Myanmar.
The fast-track power distributor said the deal is to provide Myanmar Electric Power Enterprise with a guaranteed minimum of 92 megawatts of power generation, with a plant capacity of 100 megawatts.
The company said the deal represents the first power generation agreement signed by a US-based company with the Myanmar government since sanctions against the country were lifted in 2013.
APR Energy said the plant, which features mobile gas power modules fuelled by natural gas, is expected to commission in the second quarter and to run through to late 2015.
The company said the APR energy solution will be one of the largest thermal plants in the country and will represent a significant investment in the infrastructure of the country.
The news comes after the company announced in January that it expects full-year results in line with expectations, after it signed 740 megawatts of new contracts in 2013.
APR said at the time that it remains confident in the structural growth trends within the fast-track, turnkey power market and particularly in the application of mobile dual-fuel turbine technology. As such, the company said it expects to make strong progress in 2014.
APR Energy shares were up 0.9% to 908.50 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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