Scottish firm SSE is set to buy power stations in Ireland in a deal worth a total of €488million (£390million).
The energy supplier will buy four power stations and other assets from Irish power company, Endesa.
The investment is expected to create hundreds of jobs, including construction positions, during its development. However, the deal needs approval from the Irish Competition Authority, which will be confirmed later this summer.
Gregor Alexander, Finance Director of SSE and its Lead Director for Ireland said if the deal gets regulatory approval, the supplier will become the third largest energy company in Ireland: “The acquisition will give us substantial and diverse generation assets to help meet the energy needs of our increasing number of customers and give balance to our business in Ireland which will put it on a very strong footing for the long term.”
SSE said this contract will be a positive step forward to deliver a balanced generation and supply business in Ireland.