EP UK Investments (EP UKI), a subsidiary of Czech EPH, has bought an 80% stake in an Irish power plant.
Tynagh Energy Limited owns a 400MW combined cycle gas turbine (CCGT) power plant in east County Galway, which previously secured a multi-year security of supply contract to act as a backup generator.
The acquisition by EPH, 40% each from GE Energy Financial Services and Turkish firm Gama Energy, is the company’s first in Ireland.
Tynagh Energy Founder Bran Keogh’s Mountainside Partners will continue to hold the remaining 20% stake.
Jan Springl, CEO of EP Power Europe, which said: “The acquisition of Tynagh complements our strategy to expand our presence in the European power generation sector. The power station is an important source of flexible, reliable, low cost energy across the electricity market in Ireland.”