PARIS (Agefi-Dow Jones)–The energy producer TotalEnergies announced on Wednesday that it had signed an agreement with the investment fund EIG to acquire the entire capital of its British competitor West Burton Energy for an enterprise value of 450 million pounds sterling, or 530 million euros.
West Burton Energy owns and operates the West Burton B gas station, which is located in England, in the county of Nottinghamshire. This power plant, equipped with three combined cycle turbines for a total capacity of 1.3 gigawatts (GW), supplies 1.8 million homes.
“Thanks to this acquisition, TotalEnergies adds flexible assets to its renewable electricity production capacity in the United Kingdom to compensate for the intermittency of renewables,” the French group said in a press release. This operation also allows TotalEnergies to increase its global flexible electricity production portfolio to approximately 7 GW of gross capacity, in parallel with its gross renewable production capacity which amounts to 23 GW.
TotalEnergies, however, plans to sell 50% of the assets acquired, while the group estimates its need for gas-based electricity production capacity at 700 megawatts.
-Dimitri Delmond, Agefi-Dow Jones; +33 (0)1 41 27 47 31; [email protected] ed: LBO
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
June 05, 2024 07:41 ET (11:41 GMT)
