9 February 2010
Aggreko plc, the world leader in the provision of temporary power and temperature control, is pleased to announce that it has signed two contracts, together worth an estimated $75 million, for the supply of 215 MW of temporary power in Panama and in the Sultanate of Oman.
The first contract is with the Panamanian state power generating utility, Empresa de Generación Eléctrica SA (EGESA), and involves the supply of 100 MW of power generation to support the Panamanian national grid.
The contract is for an initial duration of 12 months. This is the first major contract the company has signed with the Panamanian generating utility, and is the largest ever signed by Aggreko in the region.
Panama was identified by Aggreko as a key market three years ago, and the contract follows the recent opening of a new regional hub in the country.
The requirement for emergency power has arisen because of low rainfall which has depleted the capacity of hydro power-plants, and shortfalls in production from other suppliers to EGESA. Under the contract, Aggreko will provide base load power for the grid at two locations at up at 115,000 volts.
The second contract is with the Omani utility, Oman Power and Water Procurement Company. It comprises the supply of 115 MW power generation across five sites for a minimum three month period to provide additional power generation during the summer months.
“Yet again, our ability to deliver very large amounts of utility-grade power within weeks to customers has proved to be a compelling proposition for utilities who need to keep providing stable power supplies to their customers”, said Rupert Soames, the Chief Executive of Aggreko. “These two contracts also underline the global reach of Aggreko and the ability to deliver power cost-effectively for short periods of time to help utilities overcome temporary shortfalls”.
Aggreko plc is the world leader in the supply of temporary power and temperature control solutions. Aggreko employs over 4,000 people operating from over 133 locations. In 2008 we served customers in over 100 countries, and had revenues of approximately £950m (USD $1.6bn or Euros €1.1bn). Aggreko plc is listed on the London Stock Exchange (AGK.L), is a member of the FTSE-100 index, and is headquartered in Scotland. For more information, please visit the company website at www.aggreko.com.
Aggreko provides power and temperature control solutions to customers who need them either very quickly, or for a short or indeterminate length of time. Examples would be the supply of power to an industrial site which needs to service its permanent power supply, supplying a whole city in times of power shortage, or providing a major sporting event with power and cooling systems. We serve our customers either through 120 service centres, which we call the Local Business, or globally through our International Power Projects business.
In the Local business, which accounts for about 60% of our revenues, we hire our equipment to customers, who then operate it for themselves, although we retain responsibility for servicing and maintaining it. In the International Power Projects business, which accounts for about 40% of revenues, we operate as a power producer. We install and operate power plants and we charge our customers both for providing the generating capacity, and for the electricity we produce. We design and manufacture equipment specifically for these requirements in our factory in Dumbarton, Scotland.
Recent customers include the Beijing 2008 Olympics, the Vancouver 2010 Olympics and the power utilities in over 50 countries including the UK, France, Angola, Kenya, Indonesia, Bangladesh, Venezuela, Chile, Brazil and the USA.
Aggreko has been serving customers in the Middle East for over 15 years, and has been operating in Central America since 2005.
For more information, please visit the company website at: www.aggreko.com