APR Energy Signs 265MW Of Peaking Power Contracts In Mexico

LONDON, May 1, 2020 /CNW/ – Atlas Corp. (“Atlas”) (NYSE: ATCO) announces APR Energy Ltd. (“APR”), a global leader in specialized power solutions, has signed contracts for eight turbines and 265MW across three sites in Mexicali, Baja California, Mexico. This is the second consecutive year that APR has developed projects in this region, of which one site is with a repeat customer. Today’s announcement is further testimony to our continued customer satisfaction and operational excellence.

Mexico is a key market for APR. We are committed to supporting the growth and development of the country’s power sector now and in the future. The growing demand for electricity within Mexico, coupled with our ability to rapidly deliver large blocks of power with fast-track turnkey solutions, provides the opportunity for APR to grow its customer base in other regions of the country.

Bing Chen, CEO, Atlas, commented, “APR continues to demonstrate its strong customer partnership supported by its unique value propositions and consistent operational excellence. We are excited to continue growing these local partnerships through 2020 and into the future. Building upon APR’s brand and reputation, we are honored to be working in the region again to help mitigate the energy shortages in Baja California. As the global energy platform for Atlas, APR provides diversified contracted power solutions to a network of global customers, generating sustainable through-cycle cash flows.”

APR also entered into an arrangement to work together with Grupo Dragon for power generation opportunities in Mexico on a right of first refusal basis. Subject to certain conditions, this arrangement will be in place until April 2022.

APR is known for its fast track deployment capability under challenging conditions and is fully prepared to perform these contracts with comprehensive measures in place to manage the impacts of COVID-19. APR is taking the necessary actions to safely mobilize our teams and equipment to ensure this critical service is delivered on time. These projects were designed around an environmentally friendly low emissions solution that also helps stabilize energy supply. APR expects these projects to become operational during the second quarter of 2020. The commercial terms, pricing and financial performance of these contracts are consistent with conventional fast-track power placements.