Barclays Capital takes stake in Enron’s Teesside plant

30 September 2002 – Barclays Capital has obtained a non-monetary stake in Enron-owned Teesside Power which operates the 1875 MW gas fired power plant in Northeast England.

The Bank does however, have the right to veto any winding up of the power station and will take on joint ownership, along with other lenders, should the company default on any of its debt repayments (thought to stand at around à‚£850m). Teesside’s majority shareholder is Enron, and the company’s future has been troubled since the US based trading company filed for Chapter 11 bankruptcy protection last year.

In July the managers of Teesside power won a contract to run the plant and a nearby gas reprocessing unit ahead of interest from UK utility Innogy.

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