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AGGREKO WINS £31.5 MILLION CONTRACTS TO POWER DEVELOPING NATIONS
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Aggreko UK Ltd
01/05/2006
 
Aggreko wins £31.5 million contracts to power developing nations

Contracts worth potentially £31.5 million over the next two years have been awarded to the temporary power specialist Aggreko by the Kenya Electricity Generating Company (KenGen) and the Public Electricity Corporation in the Republic of Yemen. The contracts are for the provision of 150 megawatts (MW) of temporary electrical generating capacity to supplement capacity in each region to meet growing demands.

The Kenyan contract is with KenGen which is owned by the Kenyan Government and calls for 100MW of generating capacity for a year to supplement the Kenyan grid that is facing severe shortages as a result of the prolonged drought affecting many parts of East Africa. Indeed, the water levels in many of the country's dams are presently very low and thereby directly affect the hydro-electric power on which the country depends. Aggreko's contribution will account for about 10% of the country's total generating capacity.

For the contract in Yemen, Aggreko will provide 50MW of power for two years to power the development of infrastructure and services to support the rapidly expanding economy in that country. The generators become active in May 2006.

Rupert Soames, Chief Executive of Aggreko said: 'We are delighted to have won two such important contracts, which reaffirms our strategy of providing immediately available generating capacity to developing countries where there is a mismatch between supply and demand for electricity'.

The Kenyan installation is in a single location and represents the largest temporary power plant Aggreko has delivered. It is also the third major contract the company has won in the East Africa in the past 12 months.

As is usual in such projects, implementation will start once associated bonds and guarantees are in place.
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