ESB, the Irish semi-state company, has sold half its stake in the 755 MW Amorebieta combined cycle gas-fired power plant in Spain.

ESB and co-owners Osaka Gas UK completed the sale of Bizkaia Energia (BESL) to an affiliate of ArcLight Capital Partners, a US- based energy investment firm.
Amorebieta combined cycle gas-fired power plant
While the terms have not been disclosed, it follows a similar 50 per cent sell off of the Marchwood power station in the UK to a unit of reinsurance giant Munich Re for an estimated €180m.

“Amorebieta Power Station, which has been in commercial operations since 2005, has been a very successful project for ESB and Osaka Gas,” said the ESB. “The sale process for BESL and ESBIfm Espana was managed by BBVA.

“The sale was prompted by the Irish Government’s request for ESB to raise a special dividend of €400m from the sale of non-strategic generation assets.”

The ESB is selling the stakes so it can make a special dividend payment to the Irish state.

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