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APR Energy has bought GE’s international power rental projects business for US$314 million. APR will pay $64 million in cash with GE taking the remainder in APR shares, giving it a 16.5% stake in the power rental company.
The rental business rents mobile gas turbines and has a fleet of 520 MW. It currently has 20 large gas turbines rented on contracts in Bangladesh, Iraq, the US Virgin Islands, Canada, Australia and Dubai.
APR said the deal boosts its mobile turbine fleet to 1.2 GW, diversifies its geographical footprint, increases its fleet of natural gas gensets, a makes GE a strategic partner both in terms of ownership and for service and maintenance back-up.
GE sold its main diesel power rentals business to Aggreko in 2006, but has since been involved in the rental of large gas powered generators.