GDF-Suez to buy Teeside electric power plant

Gaz de France and Suez, which plan to merge by June, have acquired on a 50-50 basis, the 1,875 Mw Teeside electric power plant, Europe's largest combined-cycle gas turbine facility.

Feb. 26, 2008

Doris Leblond
OGJ Correspondent

PARIS, Feb. 26 -- Gaz de France and Suez, which plan to merge by June, have acquired on a 50-50 basis, the 1,875 Mw Teeside electric power plant, Europe's largest combined-cycle gas turbine facility.

Former owners Goldman Sachs (70%) and Cargill (30%) sold the plant for €400 million. GDF and Suez reportedly were competing with OAO Gazprom, Scottish & Energy Southern, and others for the facility.

The Teeside unit, on the Wilton industrial site, has been on stream since 1993 and contains eight gas-fired turbines. The companies expect to fund and complete a modernization program begun by the former owners.

With this acquisition, GDF has raised its electric power base in the UK to 1,150 Mw.