Dec. 15, 2000Powergen has sold its option to build an 800MW gas-fired power plant at the Chemiepark Knapsack near Cologne in Germany to Intergen, according to a statement from the company.
This sale is a further step for Powergen towards achieving its strategic aim of focusing its business on the U.S. and UK markets and is part of the company’s ongoing programme of selected asset sales in the UK and internationally. Powergen has already secured agreements which will enable its debt to be reduced by £1 billion.
The book value of this option in the Powergen group balance sheet is nil.
Powergen International is a UK-based international independent power business. The company is active across Europe, India and Asia Pacific. Currently, it is involved in 11 projects in Germany, Hungary, Portugal, India, Australia, Indonesia, Thailand and South Korea. With the exceptions of the interests in Germany, the company is active in the operations and maintenance of all these power plants.
For more information, visit www.pgen.com.