GE Energy Financial Services has agreed to acquire a 40% interest in the Tynagh gas-fired power plant in the Irish Republic, subject to customary closing conditions.
GE Energy Financial Services is acquiring the stake in the 400MW Tynagh power plant in County Galway from GAMA Construction Ireland. GAMA retains a 40% interest in the plant, which commenced operations in March 2006. GAMA, working in a joint venture with General Electric International, began construction of the plant in March 2004. The construction period was one of the shortest to date worldwide for this highly efficient technology.
We are very pleased to be investing in Tynagh Energy. Tynagh is a first class project which benefits from state of the art equipment, a supportive contractual structure and experienced operators, said Alex Urquhart, president and CEO of GE Energy Financial Services.
Tynagh Energy is the result of a successful tender for a competition run by the Commission for Energy Regulation in December 2003 to design, finance, construct, operate and maintain a 400MW combined cycle power plant in the Republic of Ireland. The Tynagh power plant, Galway’s first, will meet approximately 10% of the Irish market’s demand.
Financial details relating to the transaction were not disclosed.