15th June 2012
Energy company SSE announced today it has agreed to buy four power stations and other Irish assets from Endesa in a deal worth a total of £390m. The deal will give the firm four plants (two fuel oil, two peaking gasoil) with a total capacity of 1068MW.
Endesa is one of the largest utilities in Spain and is owned by Italian parent group Enel. If the deal gets approved by OFGEM, the energy regulator; Perth-based SSE will become the third largest energy company in Ireland.
SSE will pay £256m for the assets and is also putting in a further £134m which will be used among other things to finish construction on a plant at Great Ireland in Wexford. They also plans to invest in a large power generation facility at the site of the existing Tarbert plant in Kerry.