SSE has entered into an agreement with Endesa to acquire the shares of Endesa Ireland Limited, which include power plant in operation, under construction and with consent for development, for a total cash consideration of €320m plus an estimated €43m for working capital.
The operational assets consist of: 620 MW fuel-oil Tarbert power plant (Kerry), 240 MW fuel-oil Great Island facility (Wexford), 104 MW peaking gasoil Tawnaghmore power plant (Mayo) and 104 MW peaking gasoil Rhode power plant (Offaly). A 460 MW CCGT, currently under construction at Great Island, is also part of the transaction. The power plant is expected to be commissioned in 2014, at which time the existing 240 MW fuel oil unit will be decommissioned. The acquisition finally includes three power projects: a proposed 450 MW CCGT plant at Tarbert, which received full planning permission in 2010, a development site at Lanesboro (Longford) and a development site at Shannonbridge (Offaly). The two development sites both feature infrastructure that could support future construction of new thermal generation plant later in the decade, subject to planning permission being secured.
The transaction is subject to approval by the Irish Competition Authority. Following the completion of this acquisition, and including its existing 500 MW of wind farm capacity in operation there, SSE will become the third largest electricity generation capacity owner on the island of Ireland with 1,568 MW (around 13% of installed capacity).
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