Politics contribute to APR’s Libya exit
Issue 294
- 13 Feb 2015
| 2 minute read
The near collapse of Libya’s electric power system ought to have provided an opportunity for APR Energy to achieve the much-delayed renewal of its 450MW rental contracts with General Electric Company of Libya (Gecol). However, a combination of political missteps and problems with accessing foreign currency reserves to finance any new contract destroyed any chance of a deal going through. So, in late January, the company informed investors that, as the Tobruk-based House of Representatives had not ratified its extension, its board had approved “the reassignment of those assets to new opportunities, effective immediately”.
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