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International Power takes stakes in E.ON power plants

8 March 2004 – UK utility International Power said it had bought stakes in two foreign power plants owned by E.ON AG unit Powergen for £29.6m ($54.5m), including the assumption of £8.6m of debt.

International Power said the two stakes – 31 pct of the Trakya 478 MW facility in Turkey and 40 pct of a 586 MW Uch CCGT facility plant in Pakistan, would immediately enhance earnings.

The interests will be acquired from Powergen for a total acquisition price of £21m and the assumption of contingent liabilities up to a further £8.6m.

International Power said that the Trakya acquisition was a complementary plant to its existing Uni-Mar investment and will enhance the company’s position in an important European market.