Institutional investor EIG has completed the acquisition of 1,381 MW of power generation assets from EDF Energy. It includes a 1,332 MW Combined Cycle Gas Turbine (CCGT) power station and a 49 MW battery as a part of the deal, which concluded on August 31, 2021. The transaction has resulted in the formation of West Burton Energy.
EIG received financial advice from Cantor Fitzgerald and legal advice from White & Case to finalize the deal.
With $22.5 billion under management as of June 30, 2021, EIG is a major institutional investor in the global energy market. EIG specializes in private investments in energy and energy-related infrastructure and has invested over $38 billion in the energy sector throughout its 39-year history.
West Burton B is a fCCGT power plant capable of generating enough electricity to power nearly 1.5 million homes. These technologies operate together to deliver on-demand energy products, which are critical in supporting the evolving grid landscape in the United Kingdom.
“Our investment in West Burton Energy underscores our faith in the continued role of gas in aiding the energy transition. It follows our strategy of investing in world-class teams, high-quality assets, and critical energy infrastructure,” said R. Blair Thomas, CEO, and Chairman of EIG.
“The excellent efficiency of the station means lesser fossil fuel is spent and fewer emissions are produced for every unit of energy generated,” said Mike Nason, Station Manager for West Burton Energy.
West Burton Energy now embarks on a journey to develop solutions capable of supporting a net-zero future. The battery storage technology will continue to assist the stability of the national grid network as renewable power grows in the UK.
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