The sale comprises the wholly-owned Czech subsidiary International Power Opatovice (IPO), and IPO’s interests in its joint ventures Prazska Teplarenska and Energotrans. The sale of the business generated net cash proceeds to International Power of GBP619m and an after tax profit on sale of some GBP420m.
The company had signed the agreement for the sale of its Czech business to J&T Group in July 2009. The transaction received unconditional clearance from the Czech competition authorities on November 6, 2009.
IPO owns and operates 363MW Opatovice coal-fired combined heat and power plant, located to the east of Prague. IPO also owns 49% of PT, a district heating business (136MW gross, 66MW net), which in turn owns 100% of ET, the 352MW (172MW net) combined heat and power plant which is PT’s primary heat supplier.
