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    Czech EPH Buys UK Power Plant

Summary

The assets are of strategic importance to the buyer.

by: William Powell

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Czech EPH Buys UK Power Plant

New York-listed AES Corp has agreed to sell 1.4-GW power generating capacity at Ballylumford and Kilroot in Northern Ireland to a subsidiary of Czech EPH, the buyer said April 23, without disclosing the price. 

The acquisition includes a combined-cycle gas turbine (CCGT), a battery storage facility, open cycle turbines and a coal fired power station. EP UK Investments (EP UKI) will acquire AES' entire Northern Irish business including all assets, systems and key management and staff. This represents the first acquisition by EPH into Northern Ireland's energy market, which forms part of the all-island Irish market, it said.

EP UKI is 100% owned by EP Power Europe (EPPE) and EPPE is a wholly owned subsidiary of Energetický a průmyslový holding (EPH).

EPPE said the acquisition of AES' portfolio was "an important step in our strategy of increasing our generation capacity across Europe. We believe these power stations are of strategic importance in Northern Ireland.... This potential acquisition perfectly fits to the strategy of EPH to further expand its presence in the European power generation sector. It is in line with our mission which is to provide a reliable and cost competitive power supply to European citizens and industry through our balanced and diversified generation fleet."

The transaction is subject to EU merger clearance and is expected to close during the summer of 2019.