CLP buys Powergen assets for $115m

13 November 2002 – CLP Power International Limited, a wholly owned subsidiary of CLP Holdings Limited of Hong Kong said Wednesday that it had reached a deal to buy out its UK partner Powergen’s stakes in three power projects in Asia and Australia for $115 million.

It is to acquire all of Powergen’s remaining interest in Gujarat Paguthan Energy Corporation Private Limited (GPEC), Yallourn Energy Pty Limited and BLCP Power Limited subject to certain consents from lenders and relevant regulatory authorities.

The agreement reached between CLP-PI and Powergen also provides for the termination of put and call arrangements whereby the joint venture might have acquired Powergen’s 35 per cent interest in the PT Jawa Power project in Indonesia.

Powergen currently owns, indirectly, 20 per cent of GPEC, 18.4 per cent of Yallourn Energy and 10 per cent of BLCP Power. Upon completion of the deal, CLP-PI will own 100 per cent of GPEC, owner-operator of a 655 MW combined cycle power station in Gujarat, western India; 92 per cent of Yallourn Energy, owner-operator of a 1450 MW coal-fired power station and a coal mine in Victoria, Australia; and 50 per cent of BLCP Power, developer of a 1434 MW power project in development in Thailand.

Powergen was bought by German utility giant E.ON earlier this year and last month announced it was buying the UK retail assets of TXU Europe.

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