APR Energy shares up on $30m Egyptian contract
APR Energy has entered the Egyptian market having signed a contract worth $30m for the supply of gas turbine power.
APR Energy
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Shares in the stock were up by 11.17% following the announcement, trading at 127.85p at 08.15 on Thursday.
APR Energy said the project to supply an Egyptian industrial customer was for at least 12 months and would feature three GE aero derivative mobile turbines to run on clean-burning natural gas.
The plant was expected to begin generation by the second quarter of2016.
APR Energy chief executive Laurence Anderson said the contract gave the firm a foothold in one of the largest markets in the region.