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SSE Thermal, Equinor To Buy Triton Power In £341 Mln Deal - Quick Facts

SSE plc (SSE.L) announced Tuesday that its unit SSE Thermal and Norwegian energy company Equinor ASA (EQNR) have entered into an agreement to acquire Triton Power Holdings Ltd from Energy Capital Partners. The total consideration of 341 million pounds will be shared equally between the partners.

Triton Power, a private independent power generating company, is part of Equinor's H2H (Hydrogen to Humber) Saltend decarbonisation project.

The transaction is expected to complete in September, subject to UK National Security Filing and EU Merger Control.

Following completion of the transaction, SSE Thermal and Equinor will jointly own and run Triton Power on a 50:50 basis.

The acquisition includes three plants including 1.2GW Saltend Power Station. Triton Power operates Saltend Power Station which is 1.2GW CCGT (Combined Cycle Gas Turbine) and CHP (Combined Heat & Power) power station.

In addition, the portfolio includes Indian Queens Power Station, a 140MW OCGT (Open Cycle Gas Turbine) in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales which provides carbon-free inertia to the system.

The 82 existing employees of Triton Power will be employed by the joint venture in accordance with TUPE procedure.

Following the deal closure, the companies will focus on using the Triton Power portfolio as a platform to develop more low-carbon projects to support the transition to net zero.

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