Forty Percent Stake in Ireland's Newest, Highly Efficient Power Plant to Be Acquired by GE Energy Financial Services
GE Energy Financial Services announced today that it has agreed to acquire a 40 percent interest in Ireland's newest and most efficient natural gas–fired power plant, subject to customary closing conditions.
GE Energy Financial Services is acquiring the stake in the 400–megawatt Tynagh power plant in County Galway from GAMA Construction Ireland Ltd, part of GAMA Holding AS. GAMA retains a 40 percent interest in the plant, which commenced operations in March 2006. GAMA, working in a joint venture with General Electric International, began construction of the plant in March 2004. The construction period was one of the shortest to date worldwide for this highly efficient technology.
“We are very pleased to be investing in Tynagh Energy. Tynagh is a first class project which benefits from state of the art equipment, a supportive contractual structure and experienced operators.”Alex Urquhart
President and CEO of GE Energy Financial Services
Hakan Ozman, Strategic Planning & Finance Group President and Board Member of GAMA Holding AS, said: "We are pleased to achieve the successful commercial operation of Tynagh Power Plant in a short period of time. It was our intention from the outset of this project to reduce GAMA's ownership in Tynagh to the 40 percent level by bringing in a high quality investment partner once construction was completed. We are delighted to welcome GE Energy Financial Services as our partner in the Tynagh project."
Tynagh Energy is the result of a successful tender for a competition run by the Commission for Energy Regulation (CER) in December 2003 to design, finance, construct, operate and maintain a 400MW Combined Cycle Power Plant in the Republic of Ireland. The Tynagh power plant, Galway's first, will meet approximately ten percent of the Irish market demand.
The plant uses advanced GE F–class combined cycle technology, including a 9FA gas turbine, the new GE A15 High Efficiency Advanced Technology ("HEAT(TM)") steam turbine and a GE 9A5 generator. Maintenance of the gas and steam turbines is covered under long–term serviceagreements with General Electric International, Inc. Day to day operation of the plant is undertaken by RWE npower plc. The plant is strategically located near 400–kilovolt and 220–kilovolt transmission lines at a non–constrained electrical grid connection point and a major natural gas pipeline, part of the Bord Gais Eireann network.
Financial details relating to the transaction were not disclosed.
GE (NYSE: GE) is Imagination at Work –– a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs 2,500 people in the Republic of Ireland and more than 300,000 people worldwide. For more information, visit www.ge.com.
Gama Construction Ireland Limited is a member of the Gama group. Gama was established in Turkey in 1959 and specialises in the turnkey construction of major industrial plants, power generation plants, pipelines and civil projects. In the power industry, Gama's work over the past 20 years represents a total capacity of over 12,000 MW of power generation. Gama was an active participant in Turkey's first major Build Operate Transfer (BOT) projects as contractor and investor. Gama currently owns equity in four power plants and a water supply utility. For more information, visit www.gama.com.tr
GE Energy Financial Services, USA
Hugh J. Gillanders
+353 1 4052721
GAMA Holding A.S.
Turkey Hakan Ozman
+90 312 455 4243
Editors – Caption for photo accompanying this release: An aerial view of 400–megawatt Tynagh power plant in County Galway, Republic of Ireland, in which GE Energy Financial Services will acquire a 40 percent interest. The highly efficient, natural gas–fired Tynagh power plant, Galway's first, will meet approximately ten percent of the Irish market demand using advanced GE combined cycle technology.