11th Nov 2014 09:02
LONDON (Alliance News) - APR Energy PLC Tuesday said it has extended a power contract with Usinas Y Trasmisiones Electricas (UTE) in Uruguay to run through until the middle of next year.
The extension is for its 300 megawatts of power contracts and will now run through the second quarter of 2015. The extension adds to the company's contract renewals for the year of 1,754 megawatts, representing a contract renewal rate of over 90%, said APR in a statement.
As part of the contract renewal, Usinas will have the option to purchase two of APR's turbines located at its plant. The transfer of assets would signal the end of the extended contract, it said.
Usinas are interested in the turbines to offset the country's dependency on hydroelectric power, said the company.
"Our Uruguay extension is another example of our continued success in driving contract renewals this year, reflecting the high level of loyalty we have with our customers, the ongoing demand for electricity in the markets we serve and the inherent longevity of the solutions we provide," said Chief Executive Laurence Anderson.
APR shares were down 1.7% to 310.75 pence per share Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
APR.L