5th Mar 2015 08:21
LONDON (Alliance News) - APR Energy PLC shares rose early Thursday after it said it has agreed to extend projects that will generate 75 megawatts of power in Argentina.
APR Energy shares were up 8.5% at 364.75 pence per share on Thursday morning.
Two of the projects, representing a combined 50 megawatts of power have been extended until late 2016, while a third project representing 25 megawatts of power will continue through until late 2017, said the company in a statement.
APR Energy currently distributes a total of 93 megawatts of electricity capacity in Argentina, dispersed across five rural sites.
"Our strong and consistent operational performance, together with our solid working relationships in the country, has played a key role in our ability to extend our contracts," said Tom Caldwell, managing director for the Americas.
"Extensions are an important part of our business, providing us revenue stability and supporting strong operational cash flow," added Laurence Anderson, APR chief executive.
The company added that in 2015, it has extended and renewed contracts of 456 megawatts of power generation, reflecting the "longevity of our contracts," it said.
By Joshua Warner; [email protected]; @JoshAlliance
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