LONDON, May 1, 2020 /PRNewswire/ - 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.
About Atlas
Atlas is a leading global asset management company,
differentiated by its position as a best-in class owner and
operator with a focus on deploying capital to create sustainable
shareholder value. Atlas brings together an experienced asset
management team with deep operational and capital allocation
experience. We target long-term, risk adjusted returns across high
quality infrastructure assets in the maritime sector, energy sector
and other infrastructure verticals. Our two portfolio companies,
Seaspan Corporation and APR Energy Ltd. are unique,
industry-leading operating platforms in the global maritime and
energy spaces, respectively.
For more information visit atlascorporation.com.
About APR
APR provides rapidly deployable, large-scale power and
fast-track mobile power to underserved markets and industries.
APR's mobile, turnkey power plants help run cities, countries and
industries around the world in both developed and developing
markets. APR creates unique value through delivering large-scale
power projects anywhere in the world in less time than the typical
2-5 years required to plan, finance, construct and commission a
permanent power plant, and offers customized turnkey solutions
including flexible plant design, fast-track installation, balance
of plant, and decommissioning.
For more information, please visit aprenergy.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements (as
such term is defined in Section 21E of the Securities Exchange Act
of 1934, as amended) concerning future events, including
forward-looking statements regarding APR's potential to grow its
business in Mexico and the
anticipated timing for the projects in Mexicali to become operational.
Statements that are predictive in nature, that depend upon or refer
to future events or conditions, or that include words such as
"expects", "anticipates", "intends", "plans", "believes",
"estimates", "projects", "forecasts", "will", "may", "potential",
"should", and similar expressions are forward looking statements.
These forward-looking statements reflect management's current
expectations only as of the date of this release. As a result, you
are cautioned not to rely on any forward-looking statements.
Although these statements are based upon assumptions, we believe to
be reasonable based upon available information, they are subject to
risks and uncertainties. These risks and uncertainties include, but
are not limited to: challenges in growing APR's business; the
potential for delays in completing the new Mexicali projects, particularly in light of
COVID-19; and other factors detailed from time to time in our
periodic reports and filings with the United States Securities and
Exchange Commission, including Atlas's Annual Report for the year
ended December 31, 2019 on Form 20-F
filed on April 13, 2020 and Reports
on Form 6-K filed from time to time relating to its quarterly
financial results. We expressly disclaim any obligation to
update or revise any of these forward-looking statements, whether
because of future events, new information, a change in our views or
expectations, or otherwise. We make no prediction or statement
about the performance of any of our securities.
Investor Inquiries:
Bill Stormont
Investor Relations
Atlas Corp.
Tel. +1 604 638 7240
Email: IR@atlascorporation.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/apr-energy-signs-265mw-of-peaking-power-contracts-in-mexico-301050970.html
SOURCE Atlas Corp.