Aggreko acquires stake in Chinese power renter
By Murray Pollok22 January 2018
Aggreko has created a power rentals joint venture in China through the acquisition of 21.5% of Shanghai Yude, a company employing 45 people and with a power rental fleet of more than 40 MW.
The new joint venture company will trade as Shanghai Yude Aggreko Energy Equipment Rental Co Ltd. Aggreko said the acquisition is part of its long term strategy to expand in China with a local partner.
Aggreko has been operating in China since 2008, and has a depot and offices in Shanghai, which will support the new company.
Shanghai Yude was founded in 2005 and rents power to local industries, including events and construction. Aggreko will support the JV initially with diesel generators and ancillary equipment to supplement Shanghai Yude’s existing power equipment and UPS rental business. Aggreko said the business had scope to rent loadbank equipment and services as demand increased.
“This mutually beneficial partnership with Shanghai Yude means we can bring reliable power and joint expertise to a rapidly growing market,” said Stephen Beynon, Managing Director, Aggreko Power Solutions.
“The UK and China have strong commercial ties that go way back, and we are delighted to be able to work with a local partner that has extensive local experience and expertise.
“We look forward to continuing to provide reliable, uninterrupted and cost effective power to China in collaboration with a company that shares our values of making a difference and supporting growth in communities and industries across the globe.”