Aggreko PLC

Aggreko PLC

Aggreko PLC started in 1962 when Aberdeen electrician Douglas Stewart began renting portable generators to construction sites in Scotland. The company grew through the North Sea oil boom and expanded internationally, listing on the London Stock Exchange in 1997. Its founding wealth derived from Stewart's initial equipment hire business, evolving into a global temporary power and temperature control provider. The firm serves three primary markets: events (the Olympics, Glastonbury, major sporting tournaments), industrial (construction, oil and gas, mining), and utilities (grid stability, emergency backup). Aggreko's asset base includes diesel and gas generators, solar-hybrid systems, chillers, heaters, and dehumidifiers. The company operates a rental model — clients pay for usage duration rather than owning equipment — and maintains a fleet exceeding 13 GW of generation capacity globally. Named clients include the International Olympic Committee and multiple national power grids (public record). In 2021, private equity firms TDR Capital and I Squared Capital acquired Aggreko for £2.3 billion, taking it private from the London Stock Exchange. The company was subsequently integrated with TDR's other energy-services holdings, and in 2023 was merged with I Squared's APR Energy to form a larger combined entity (per Reuters, 2023). The firm reports over 7,000 employees but does not publicly disclose a current AUM or asset valuation figure. Aggreko's key structural differentiator is its asset-rental model applied to energy — it does not own or operate permanent power plants, maintaining a flexible fleet that can be redeployed across geographies and use cases. The firm also offers carbon-neutral and hybrid solutions, enabling temporary power with lower emissions than conventional diesel-only options. This positions Aggreko between pure equipment leasing and project-based energy contracting, a niche with few direct global competitors.