26th Feb 2015 10:44
LONDON (Alliance News) - APR Energy PLC saw its shares rise Thursday after it signed 106 megawatts of contract extensions in Sub-Saharan Africa, including an extension on its 40 megawatt Morro Bento power contract in Angola, taking its term into early 2016.
"Angola exemplifies our strategy of extending and expanding generation contracts. Building upon our proven operational success, last year we doubled our generation capacity in Luanda by adding a new state-of-the-art mobile gas turbine plant, which we now follow with an extension of our Morro Bento site," APR Energy's managing director for Europe, Middle East and Africa, Ranjit Singh said in a statement.
APR Energy's Morro Bento plant has been in operation since November 2012 and provides critical base load power to Angola's capital city, Luanda. The plant, together with APR Energy's mobile turbine plant in Rocha Pinto, commissioned in June 2014, provides Luanda with a combined 80 megawatts of electricity, serving more than 500,000 people.
The Morro Bento extension follows 66 megawatts of other recent APR Energy renewals in Sub-Saharan Africa, including a term extension through the end of 2015 for its 40 megawatt cross-border contract supplying electricity to Mali, as well as a term extension into the third quarter of 2015 for its 26 megaatts of generation capacity in Senegal.
"These extensions further add to our contract renewal rate, which has exceeded 85% over the past twelve months. Customer renewals are a critical component of APR Energy's business model, adding revenue stability and underpinning strong operational cash flow," Chief Operating Officer Brian Rich said.
APR Energy shares were up 6.9% at 328.00 pence Thursday morning, the stock's highest level since November 6.
By Steve McGrath; [email protected]; @stevemcgrath1
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