SSE has completed the acquisition announced in June 2012 of Endesa Ireland for a total cash consideration of €308m (£246m) plus an estimated €53m (£42m) for working capital. In addition to the transaction amount, SSE expects to incur a further €137m (£110m) to complete a 460 MW CCGT currently under construction at Great Island. This includes a deferred element of up to €10m (£8m) which will be paid on completion of an upgrade to the grid at the Great Island CCGT site.
The transaction includes 1,068 MW of operational capacity over four thermal power plants and the 460 MW Great Island CCGT project, expected to be commissioned in 2014. The acquisition includes further options for the future development of electricity generation plant in Ireland, including a proposed 450 MW CCGT plant at Tarbert, which has full planning permission, and two brownfield development sites.
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