By Rory Gallivan
LONDON--Shares in APR Energy PLC (APR.LN) surged after the
provider of mobile power turbines said a project with Uruguay's
state power company will continue to the end of this year.
The project with Usinas y Trasmisiones Eléctricas involves APR
supplying mobile gas turbines to the company to provide reserve
capacity amid reduced hydroelectric power caused by a drought in
the South American country.
It had previously been due to expire on June 30.
"UTE has been an outstanding long-term customer during the past
three years, and our continued partnership is a reflection of the
strong relationship we enjoy and the high quality of service we
provide," said APR Chief Executive Laurence Anderson.
Analysts at Numis said, following this morning's announcement,
they estimate Uruguay contributes $50 million a year in revenue to
APR.
APR Energy, which was spun out of the French industrial group
Alstom S.A. (ALO.FR) in 2004, operates power generation equipment
in more than 25 countries.
Shares at 0715 GMT, were up 30 pence, or 26.3%, at 142 pence
valuing the company at GBP133.4 million.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
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