Aggreko buys Indonesian power rental company KBT

Temporary power provider Aggreko has acquired Indonesia-based power rental company KBT (Kerta Bumni Teknindo), for up to $32.8 m.

Established in 1993, KBT has around 200MW of diesel and gas contracts on hire with the local utility company PLN, which adds to the 140MW that Aggreko has contracted. It has been serving the power rental market since 2010.

Aggreko said there is an escrow in place allowing for clawback should any of the acquired contracts terminate before a certain period of time.

Chief executive Chris Weston said: "Aggreko has had a long and productive relationship with PLN and Indonesia, and this acquisition will deepen this further. PLN has been clear in its ambition to improve the power situation in East Indonesia in particular, and we will be well placed to support this with our extended presence and competitiveness."

At 0808 BST, the shares were up 0.8% to 894.50p.