International Power completes acquisition of 1,200 MW Saltend Power Plant, Hull, England
(London – 28 July 2005) Further to our announcement on 31 May 2005, International Power has today successfully completed the acquisition of the 1,200 MW CCGT Saltend Power Plant in Hull, England in a 70:30 partnership with Mitsui & Co., Ltd of Japan. Saltend was acquired from Calpine Corporation for a total consideration of £500 million, and is expected to be earnings enhancing in the first full year of ownership and immediately cash generative.
As previously disclosed, the total consideration includes the valuation of the plant and the associated gas and power contracts, and the acquisition will be funded by a mix of debt and equity in a 55:45 ratio.
For further information please contact:
Tel: 020 7320 8681
Tel: 020 7320 8619
Notes to Editors:
Saltend is a modern 1,200 MW combined cycle cogeneration plant located adjacent to BP Chemicals Limited's petrochemical plant near Hull, England. Approximately 7% of the plant's generating capacity and all of the plant's steam output is contracted to BP Chemicals Limited under separate sales agreements which expire in 2015. The balance of the plant's electricity generation is sold into the UK power market. Natural gas for the plant is supplied by BP Gas Marketing Limited under a supply contract that also expires in 2015.
In the year to 31 December 2004, Saltend generated profit before tax of £16 million on net assets of £112 million under UK GAAP.
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International Power plc is a leading independent electricity generating company with 16,363 MW (net) in operation and 1,708 MW (net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, Italy, Portugal, Spain, Turkey, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand. International Power was listed on the London Stock Exchange and the New York Stock Exchange (as ADR’s), on 2 October 2000. The ticker symbol on both stock exchanges is "IPR".
Company website: www.ipplc.com.