SSE to buy Endesa’s Irish power generation assets for €363 million

• 11 years ago (2012-06-16)
• David Flin

Europe 1061 Nuclear 640

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The British-based cottish and Southern Electricity (SSE) has announced that it is buying Endesa Generacion’s Irish power generation business for €320 million in cash plus an estimated €43 million for working capital. Endesa Ireland’s assets include plants in operation, under construction and with consent for development.

The acquisition still requires approval from the Irish Competition Authority, and SSE said that it expects to complete the deal later this summer.

The deal includes four operating plants: the 620 MW fuel oil Tarbert Power Station in County Kerry; the 240 MW fuel oil Great Island Power Station in County Wexford; the 104 MW peaking gas oil Tawnaghmore Power Station in County Mayo; and the 104 MW peaking gas oil Rhode Power Station in County Offaly.

A 460 MW CCGT plant is currently under construction at Great Island, and is due to be commissioned in 2014, when the existing 240 MW fuel oil unit will be decommissioned. SSE will invest €125 million over three years to complete construction of the plant.

The deal means that SSE will also acquire three options for the future development of power generation plant in Ireland. These are a proposed 450 MW CCGT plant at Tarbert, which received full planning permission in 2010; a development site at Lanesboroin, County Longford, and a development site at Shannonbridge, County Offaly.