-- Agreement creates world's leading fast-track mobile turbine
power business, expanding APR Energy's global reach and its natural
gas footprint
JACKSONVILLE, Florida,
Oct. 23, 2013 /PRNewswire/ -- APR
Energy (LSE: APR.L) is pleased to announce a strategic alliance
with GE (NYSE: GE), extending the reach of both companies in the
growing fast-track turnkey power solutions space.
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Under terms of the deal, GE contributes its turbine rental
business to APR Energy in return for cash and approximately 16.5
percent of APR Energy, making GE a key strategic investor in the
company. Additionally, GE and APR Energy have entered into a supply
and services agreement that will continue to provide support to
current and future clients of APR Energy.
"This is a transformational transaction for APR Energy, allowing
us to move forward rapidly towards delivering our stated
medium-term business objectives," said John Campion, Chief
Executive Officer of APR Energy. "By creating the world's leading
fast-track mobile turbine power business and a long-term
relationship with GE, we are well placed to deliver against an
underserved and rapidly growing opportunity with the preeminent
technology. The transaction diversifies our revenue base, gives us
exposure to new geographies and sectors, and enhances our natural
gas footprint. We are excited to be working closely with GE, whose
partnership and equity commitment is an endorsement of our
prospects and our ambition to be the leader in the large-scale,
fast-track power industry."
The transaction makes APR Energy the world's leading fast-track
mobile gas turbine power provider, expanding reach into new regions
and increasing its mobile turbine power capacity to 1.2 gigawatts –
enough to power the equivalent of 1.2 million US homes. The deal
includes approximately 520MW of capacity and rental contracts that
GE currently has in place in Canada, Iraq,
Australia, U.S. Virgin Islands, and Bangladesh.
Demand for fast-track power is driven by factors that include
increasing energy consumption, aging infrastructure, geopolitical
and natural events, and climatic impacts. Mobile turbine usage
within this space has grown rapidly as customers look towards
larger-scale, semi-permanent solutions that integrate into their
existing plants or operations and offer greater reliability, fuel
flexibility and lower emissions.
Lorraine Bolsinger, CEO of GE
Power & Water's Distributed Power business, said, "Our
investment in APR Energy reinforces our strong belief in the
distributed power segment, as well as APR's strong capabilities and
prospects for success. We continue to see growing demand from
customers urgently needing our leading technology for bridging
solutions while more permanent solutions can be put in place. With
this alliance, customers can get fast power with our technology
from a premiere fast-track power provider, APR Energy, or they can
buy the equipment from us. For both kinds of customers, we are
determined to offer the most efficient products and have them
available for rapid deployment."
About APR Energy
APR Energy specializes in the sale of reliable and efficient
electricity through the rapid global deployment and installation of
scalable turnkey power solutions. APR Energy's solutions, coupled
with comprehensive operation and maintenance services and flexible
commercial terms, have established it as a leader in its industry.
Serving both utility and industrial segments, APR Energy provides
power generation solutions to customers and communities around the
world, with an emphasis on Africa,
the Americas, the Middle East, and
Asia. For more information, visit
the company's website at www.aprenergy.com.