Power rental company APR Energy said it would be reassigning assets intended for a major project in Libya to new opportunities after a major contract fell through.

The company said the ratification of a 450 MW contract by the Libyan parliament had still not been secured, and it had moved to target new opportunities, effective immediately.

APR suspended operations in the company in November last year, awaiting parliamentary approval for the gas turbine and diesel module power contract – one of its largest projects.

It also warned that the suspension would have a material adverse impact on its 2014 financial performance, with a charge of up to US$40 million (€32.8 million) expected as a result.

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