20 June 2019
The acquisition of a 50% stake in five power stations in the UK and Australia has been finalised; following the acquisition of InterGen, the proportion of gas-fuelled power stations in Sev.en’s portfolio exceeds that of the coal-fired power stations.
Canberra, London, Prague, 20 June 2019 -- The Sev.en Energy Group has definitively become a major international player. Australia’s Foreign Investment Review Board has recently approved the agreement on the takeover of 50% of the shares in the InterGen N.V. transnational energy company. Following prior approvals by the authorities in the UK and the EU, Sev.en Energy has acquired a stake in, for example, three operating gas-fuelled power stations, one power station nearing completion, and a project for a large-capacity battery storage park in Spalding, the UK.
InterGen’s installed capacity totals more than 4,000 MW and it should be expanded by another 300 MW this year. In addition to the extensive renovation and greening of the Chvaletice Power Station, at a cost of CZK 7 billion, and the agreed acquisition of two CHP plants in the Czech Republic from Alpiq, this is another major acquisition by the Sev.en Energy Group. On the whole, Sev.en Energy will hold stakes in energy-generating plants with an installed capacity of 5,870 MW (including the energy capacity of the Alpiq CHP plants) in Europe and Australia.
“Through the InterGen acquisition, the Sev.en Energy Group takes a very long step towards clean energy sources. The proportion of gas-fuelled power stations will now exceed that of coal-fired power stations and we are also preparing several other projects, including the cutting-edge electrical energy storage technology,” says Alan Svoboda, Executive Director responsible for international expansion at Sev.en Energy.
InterGen is a leading independent power producer with assets in the UK and Australia. The company owns and operates three combined cycle natural gas-fired plants in the UK (Rocksavage, Coryton, and Spalding) and holds stakes in two supercritical coal-fired power stations in Australia (Millmerran, and Callide C). The Seven Energy Group has acquired 50% of InterGen shares from the Canadian pension fund Ontario Teachers’ Pension Plan.
The other half of InterGen shares is held by a leading Chinese energy company, China Huaneng Group/ Guangdong Energy Group. “The talks with our Chinese partners indicate a number of opportunities for our cooperation in further energy expansion and in the deployment of newly developed energy technologies. We are convinced that together, we will succeed in growing and appreciating our investments,” emphasises Alan Svoboda.
Last year, Sev.en Energy announced an ambitious programme of its international expansion. In the Czech Republic, the group operates two brown coal surface mines and four coal-fired power station units that are currently undergoing an overhaul for CZK 7 billion. A month ago, it announced the acquisition of Alpiq CHP plants in Zlín and Kladno. The group employs more than 3,200 people. Its (pre-acquisition) consolidated assets amount to over EUR 850 million.