Mitsui considering offload of UK power assets

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Japan’s Mitsui & Co is attempting to offload its UK power assets including First Hydro Company and four fossil fuel plants.

That is according to Reuters quoting two sources familiar with the matter on Thursday.

Mitsui owns 25 per cent of assets including First Hydro, which has two hydropower plants in Wales, along with gas-fired power plants Deeside and Saltend, the Indian Queens fuel oil plant and the Rugeley coal plant which will cease operating this summer.
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French gas and power group Engie owns the remaining 75 percent stakes in the assets.

One source estimated the total value of the assets at about à‚£1bn, meaning Mitsui’s stakes would be worth some 250 million pounds. The source said the deadline for bids was in the next couple of weeks.

First Hydro, Saltend and Indian Queens power plants all secured capacity auction contracts for the winters of 2018 through 2020, a positive aspect for future owners to consider.

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