The Hertz Corporation has announced that APR Energy and Hertz Dayim Equipment Rental have entered a partnership agreement to develop business for fast-track power solutions in the Kingdom of Saudi Arabia (KSA). The agreement gives Hertz Dayim Equipment Rental, the joint venture between Hertz Equipment Rental Corporation and Dayim Holdings, immediate entry into the lucrative power solutions market within the KSA. APR Energy will provide Hertz Dayim Equipment Rental customers with expertise and leadership in fast-track power solutions, as well as a modern fleet of diesel and natural gas reciprocating engines and dual-fuel turbines.
The Saudi power market offers great potential for growth, with plans to increase generating capacity from 55GW to 120GW by 2020 in order to meet rising demand. The country also has the fifth largest natural gas reserves in the world, but has yet to fully utilize its natural gas potential, providing opportunities for both gas reciprocating engine and dual-fuel turbine technologies.
Lois Boyd, group president, Hertz Equipment Rental Corporation said: "We are pleased to expand our equipment rental portfolio with large scale power solutions for our utility, construction and industrial customers in Saudi Arabia through the APR Energy and Hertz Dayim Equipment Rental partnership. With APR Energy's leading-edge power solutions, our customers will have access to cost-efficient, reliable electricity, on a fast-track basis, along with dedicated project management support."
Chairman of Hertz Dayim Equipment Rental Ltd HRH Prince Khalid bin Bandar bin Sultan said: "With the Saudi Construction and Industrial sector growing at such a fast pace, the demand for power is outstripping supply and there is a big market for power solutions. APR Energy is a global leader in fast-track power generations solutions, and their line of business has significant synergies with our existing equipment rental business in Saudi. It is a strategic step for our business towards providing a one stop solution to the utility, construction and industrial sector in Saudi for all their equipment and power needs."
The mutually beneficial agreement provides APR Energy with immediate access to one of the largest power markets in the Middle East by leveraging Hertz' business network, trusted global brand name, and established industry experience within the country. Through the partnership agreement, APR Energy and Hertz Dayim Equipment Rental will collaborate on business development opportunities for large-scale, fast-track power projects, as well as cooperate on various co-branded marketing activities within the KSA.
"We are excited about our partnership with Hertz Dayim Equipment Rental and the mutually beneficial prospects the relationship will bring," said APR Energy Chief Executive Officer John Campion. "Saudi Arabia is a high priority market for APR Energy, and is a key part of our growth strategy for the Middle East. Hertz Dayim Equipment Rental, together with its established operations and strong connections in the KSA, gives us a strong partner with whom we can very quickly access this important market."
The partnership further expands APR Energy's presence in the Middle East and North Africa region. Following the opening of its regional hub in Dubai in 2012, APR Energy has executed successful power projects in Oman and Yemen, and earlier this year, signed a 250MW contract for mobile gas turbines in Libya.