APR Energy Enters Brazilian Market with EPP Gas Generation Project in Rio de Janeiro

Rhea-AI Summary

On February 8, 2022, APR Energy, a subsidiary of Atlas Corp. (NYSE: ATCO), announced a contract to provide Evolution Power Partners with 228 MW of gas generation capacity in Brazil. The project includes a turn-key natural gas-fired power plant in Itaguaí, scheduled to begin operations on May 1, 2022. This initiative is part of Brazil's strategy to address energy shortages due to a severe drought affecting hydro power availability. This marks APR's entry into the Brazilian market, highlighting its commitment to delivering sustainable and reliable energy solutions.

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• APR Energy secures a 228 MW gas generation project in Brazil, marking its first operation in the country.
• The project supports Brazil's energy needs amid a severe drought impacting hydroelectric power availability.

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• None.

LONDON, Feb. 8, 2022 /PRNewswire/ - APR Energy Ltd. ("APR"), a wholly-owned subsidiary of Atlas Corp. ("Atlas" or the "Company") (NYSE: ATCO), announced today that it will provide Evolution Power Partners ("EPP") with 228 MW of gas generation capacity for a minimum of one year. APR's solution for EPP includes a full turn-key natural gas-fired power plant powered by eight GE TM2500 gas turbines in Itaguaí, Rio De Janeiro with a commercial operation date of May 1, 2022.

\APR's work will support EPP's award in the October 2021 simplified competitive procedure emergency auction held by ANEEL, Brazil's National Electricity Regulatory Agency. ANEEL's reserve energy auctions were driven by a need by Brazil to mitigate the worst drought in 91 years impacting the availability of hydro power in the country.

"Fulfilling Brazil's energy needs takes innovation, reliability and proven results. Our new partnership with APR Energy exemplifies this approach. APR brings a track record of executing energy projects in a range of configurations and jurisdictions across the world," said Mauricio Carvalho of EPP. 

APR has deployed over five GW of short- and long-term power projects in 35 markets around the world over the last 15 years. This contract represents APR's first project in Brazil.

"We are thrilled to be entering the dynamic and growing Brazilian market by partnering with a trusted industry leader such as EPP," said Ben Church, CEO, APR Energy. "APR is committed to Brazil in the long-term. We look forward to supporting the citizens of Brazil with sustainable and reliable power through the energy transition and beyond."

About APR Energy
APR Energy provides rapidly deployable power and long-term generation solutions to governments, utilities, and industries around the world. For more information visit aprenergy.com.

About Evolution Power Partners
EPP - Evolution Power Partners is a Brazilian power company, focused on developing sustainable, cost-effective, and productive thermal and renewable power plant projects. For more information visit evolutionpp.com Instagram: evolutionpowerpartners

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.

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. 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 that 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, the factors detailed from time to time in our periodic reports and filings with the SEC, including Atlas's Annual Report on Form 20-F for the year ended December 31, 2020, filed with the SEC on March 19, 2021. 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.

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SOURCE Atlas Corp.

FAQ

What is the new project announced by Atlas Corp. (ATCO) on February 8, 2022?

Atlas Corp.'s subsidiary APR Energy announced a project to provide 228 MW of gas generation capacity in Brazil.

When will the APR Energy project in Brazil start operating?

The project is scheduled to begin commercial operations on May 1, 2022.

Why is the APR Energy project important for Brazil?

It addresses energy shortages caused by the worst drought in 91 years, which has severely impacted hydro power.

What type of power plant is APR Energy providing in Brazil?

APR Energy is providing a turn-key natural gas-fired power plant powered by eight GE TM2500 gas turbines.