Spanish alliance

UK-based power developer and utility National Power has completed the formation of its strategic alliance with Spain`s Union Fenosa with the purchase of a 25 per cent stake in Union Fenosa Generacion. The deal, originally announced in November 1998, is thought to be the largest cross-border acquisition of generating assets in the EU to date.

Union Fenosa Generacion is a newly formed company that owns interests in about 8500 MW of generating capacity in Spain.