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Aggreko PLC (AGK.LN), a provider of temporary power and temperature control services, said Wednesday it has signed a contract with the Tanzania Electric Supply Company, or TANESCO, to supply 100 MW of emergency power for twelve months worth $37 million.
-Contract involves providing two 50 MW diesel-powered plants at Ubungo and Tegeta, as well as managing the fuel supply associated with the power generation.
-Value of the fuel contract will depend on the monthly price of diesel, and the amount of power generated; Aggreko will charge a small fee for managing the fuel supply.
-Contract will become effective following the completion of a number of conditions precedent, including the delivery of bonds and guarantees customary for a contract of this type.
-Contract will take Aggreko's order intake in the first six months of 2011 to at least 630MW.
-Shares closed Tuesday at 1875 pence valuing the company at GBP5.15 billion.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; email@example.com