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BG Group to sell UK’s Seabank 1140 MW CCGT stake for $320m

1 May 2010 – BG Group has signed an agreement with Electricity First, a wholly owned subsidiary of Cheung Kong Infrastructure Holdings, for the sale of its 50 per cent interest in Seabank Power for a total consideration of GBP211.7m ($320m).
 
Seabank Power operates the 1140 MW combined-cycle gas turbine (CCGT) Seabank power plant located near Bristol in the UK. The transaction is expected to complete in second quarter 2010, Reuters reported.
 
Seabank power station is owned and operated by Seabank Power – a 50:50 joint venture between BG Group and Scottish and Southern Energy (SSE). Phase 1 of Seabank (760 MW) entered the full commercial operation in 2000 and Phase 2 (380 MW) in 2001. All of the plant capacity is sold under contract to SSE.
 
BG Group is an integrated oil and gas company having headquarters in Reading, England.