APR Energy PLC APR Signs Extension of 102MW Myanmar Project (9120F)

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RNS Number : 9120F

APR Energy PLC

17 November 2015

17 November 2015

APR Energy Signs Extension of 102MW Myanmar Project Through 2016

APR Energy (LSE: APR) or ("the Company"), a global leader in fast-track power solutions, announces today that its 102MW project in Myanmar has been extended through 2016, with financial terms similar to those in the initial agreement. The original contract for the plant, signed in February 2014, was the first agreement between a U.S.-based company and the government of Myanmar for power generation since the lifting of sanctions.

The Kyaukse power plant is located south of Mandalay, the second-largest city in a country where nearly 42 million people are without access to electricity. The turnkey facility was installed in just 90 days and is one of the largest thermal plants in the country, providing enough power to serve more than six million people.

"We are excited by the continued opportunity to help power the development of one of Southeast Asia's fast-growing economies," said Laurence Anderson, Chief Executive Officer. "As the first U.S. power company to do business in Myanmar in recent years, we have been fortunate to have exceptional business partners in Myanma Electric Power Enterprise and the national government. They have been fully committed to the success of this project and the role it is playing to enhance the quality of life for people in Myanmar."

Clive Turton, managing director of the Company's Asia Pacific region, said: "I would like to congratulate the Myanmar ministries and staff for their professional and efficient collaboration with the APR Energy team to complete this process. We look forward to continuing our positive cooperation with the Myanma Electric Power Enterprise."

After initially commissioning 82MW of generating capacity in April 2014, APR Energy installed an additional 20MW during the first quarter of 2015 to help offset the reduction of hydropower during the annual dry season in spring.

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About APR Energy

APR Energy is the world's leading provider of fast-track mobile turbine power. Our fast, flexible and full-service power solutions provide customers with rapid access to reliable electricity when and where they need it, for as long as they need it. Combining state-of-the-art, fuel-efficient technology with industry-leading expertise, our scalable turnkey plants help run cities, countries and industries around the world, in both developed and developing markets. For more information, visit the Company's website at www.aprenergy.com.

Certain statements included in this announcement constitute, or may constitute, forward-looking statements. Any statement in this announcement that is not a statement of historical fact (including, without limitation, statements regarding the Company's future expectations, operations, financial performance, financial condition and business) is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. Although any such forward-looking statements reflect knowledge and information available at the date of this announcement, reliance should not be placed on them. Without limitation to the foregoing, nothing in this announcement should be construed as a profit forecast.

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November 17, 2015 02:00 ET (07:00 GMT)