EIG completes acquisition of 1332 MW Mixed Cycle Gasoline Turbine (CCGT) energy station and 49 MW battery in Nottinghamshire, England
West Burton Vitality, a newly created firm, is well-positioned to assist the power transition
Nottinghamshire, England–(Antara/Enterprise Wire)- West Burton Vitality has been created immediately as a number one provider of electrical energy in the UK after EIG, an institutional investor to the worldwide power sector and one of many world’s main infrastructure traders, acquired a portfolio of energy technology property from EDF Vitality. The transaction, which closed on August 31, 2021, consists of West Burton B, a 1332 MW Mixed Cycle Gasoline Turbine (“CCGT”) energy station, and a 49 MW battery in Nottinghamshire, England.
R. Blair Thomas, EIG’s Chairman and Chief Government Officer, mentioned, “This transaction is per our technique to spend money on high-quality property, best-in-class groups and significant power infrastructure. Gasoline-fired energy stations have demonstrated their strategic significance within the U.Okay.’s electrical energy provide system, and our funding in West Burton Vitality underscores our confidence within the continued position that fuel will play in facilitating the power transition.”
West Burton B is a extremely versatile and environment friendly CCGT Plant with three mixed cycle models, which might generate sufficient electrical energy to energy roughly 1.5 million houses, and is linked to certainly one of Europe’s largest battery storage property. Collectively, these applied sciences present important on-demand power merchandise, essential in supporting the UK’s altering grid panorama and transition to a low carbon financial system.
“The station’s excessive effectivity means much less fossil gasoline is consumed and decrease ranges of emissions are produced for each unit of electrical energy generated,” defined Mike Nason, West Burton Vitality’s Station Supervisor. “Contemplating this, together with the truth that our newly unbiased station is without doubt one of the most up-to-date builds within the nation, West Burton Vitality is well-positioned on the forefront of the U.Okay.’s evolving power market.”
Walid Mouawad, Managing Director at EIG, added, “This can be a incredible alternative for our traders as West Burton Vitality embarks on a path ahead to ship options able to supporting a net-zero future. With the sturdy progress of renewable technology, we consider that battery storage know-how will proceed to assist the steadiness of the U.Okay.’s nationwide grid community. EIG is delighted to accomplice with this unimaginable workforce and to be part of West Burton Vitality’s thrilling subsequent chapter.”
Cantor Fitzgerald acted as monetary advisor to EIG in reference to the transaction, and White & Case served as authorized advisor.
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