Construction News

02/05/2014

Sale Of BESL Complete

ESB and Osaka Gas UK Ltd have completed the sale of Bizkaia Energia SL (BESL) to an affiliate of ArcLight Capital Partners, LLC, a US based energy investment firm.

BESL is the owner of Amorebieta Power Station, a 755MW combined cycle gas turbine power plant in northern Spain. ESB and Osaka Gas UK Ltd both owned 50% of the company.

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ESB has also sold the associated Operations and Maintenance (O&M) contracting company, ESBIfm Espana, to Arclight.

Amorebieta Power Station, which has been in commercial operations since 2005, has been a very successful project for ESB and Osaka Gas. The sale process for BESL and ESBIfm Espana was managed by BBVA.

The sale was prompted by the Irish Government's request for ESB to raise a special dividend of €400m from the sale of non-strategic generation assets.

(CD)

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