Aggreko creates landmark project in Panama

Aggreko has won power rental contracts for the 2014 World Cup in Brazil and the 2014 Commonwealth Games in Glasgow, UK, as well as landmark new 80 MW project in Panama.

The Panama project is significant because it will see Aggreko provide power as a licenced generator to the Panamanian wholesale electricity market; “This is, we believe, the first time that a temporary power supplier has entered a country's wholesale electricity market competing with permanent power generators”, said the company.

The new contracts were announced in Aggreko’s trading update in which it reported that underlying revenues for 2013 – excluding the 2012 Olympics and the Poit Energia acquisition – would be 3% higher than 2012, with profits before tax and amortisation likely to be at least £355 million.

Underlying revenues are expected to grow by around 8% in Europe, Middle East and Africa and by 7% in the Americas. These increases will be offset by a 12% fall in Asia Pacific, where TEPCO contracts in Japan and some other projects in Indonesia came to an end.

Overall power projects revenue is anticipated to be 2% lower than last year, although the local business is likely to be around 6% higher than 2012, excluding the impact of the London Olympics. Actual local business revenues are expected to be flat on the prior year.