AES acquires 1,246MW gas-fired Ballylumford Power Station in Northern Ireland

Source: The AES Corporation 

The AES Corporation (NYSE: AES) announced that its subsidiary, AES Ballylumford Holdings Limited, acquired Premier Power Limited (PPL) through an all cash transaction for approximately US $160 million (£102 million),  which includes purchase price and working capital adjustment.

PPL's assets include the 1,246 MW natural gas-fired Ballylumford Power Station in County Antrim, Northern Ireland. The transaction was announced July 2, 2010, and was subject to license consents from the Northern Ireland Authority for Utility Regulation and the Northern Ireland Department of Enterprise, Trade and Investment.

“We were able to pursue this compelling opportunity in large part because of the strength of our liquidity and our presence in Northern Ireland,” said Andres Gluski, AES Chief Operating Officer. "I am confident that we will integrate this business with AES quickly and effectively.”

The acquisition expands AES’ operating capacity in Northern Ireland to 1,868 MW, or 15 percent of the Single Electricity Market, which covers Northern Ireland and the Republic of Ireland. The majority of Ballylumford’s output is contracted to Northern Ireland Electricity and the affiliated agreements allow for a pass-through of fuel costs. 

The AES Corporation is a Fortune 500 global power company with generation and distribution businesses. Through a diverse portfolio of thermal and renewable fuel sources, they provide affordable and sustainable energy to 30 countries.

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