AES Corp. (AES) Friday said it has reached agreement with BG Energy Holdings to acquire 1,246 MW natural gas-fired Ballylumford Power Station in County Antrim, Northern Ireland for GBP 99 million. The Power Station is owned by Premier Power Ltd.
AES noted that its new subsidiary, AES Ballylumford Holdings Ltd., will acquire PPL through an all cash transaction and the final purchase price will incorporate working capital adjustments. The transaction is subject to license consents from the Northern Ireland Authority for Utility Regulation and the Northern Ireland Department of Enterprise, Trade and Industry, and is expected to close in the second half of 2010.
Upon closing of the transaction, AES will have a total capacity of 1,868 MW, operating about 15% of the generation capacity in the Single Electricity Market, which covers Northern Ireland and the Republic of Ireland.
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