Sev.en Energy to visit China; the company is interested in new technologies
Press Release
Prague, 17 April 2019 – At the end of April, the Sev.en Energy group’s representatives will visit the People’s Republic of China as part of a delegation of the Chamber of Commerce of the Czech Republic. Besides agreements in the energy sector, the purpose of the visit is also the options for using the latest energy technologies.
The participation in the mission follows up on the acquisition of a 50% stake in an international British-Australian company, InterGen, from Ontario Teachers’ Pension Plan. Through this acquisition Sev.en Energy has become a partner of another major co-owner of InterGen, the Chinese group Huaneng. The two partners are now discussing the options for developing InterGen globally.
“Sev.en Energy is now focusing on a strategic transition between conventional and advanced energy generating capacities. We want to be a part of this change as the ones who will ensure the stability and security of supply while employing new modern solutions,” says Luboš Pavlas, Sev.en Energy’s CEO.
China is currently the world’s largest investor in research into conventional energy generation. Some Chinese technologies may therefore also be applied in the Czech Republic’s energy practice.
“It is the Chinese who are developing the most modern features that you can see in conventional energy generation today. We want to see these new processes and consider the options of using them,” explains Luboš Pavlas.
For example, the system of electrostatic precipitators working at temperatures below the dew point of flue gases may become the potential solution in the continued greening of the Chvaletice power station.
“We are also greatly interested in the latest developments in electricity storage and CO2 capture and utilisation. These are the ways to the future,” concludes Luboš Pavlas.
As regards investment in advanced technologies, the group’s managers will therefore assess, for example, the prospects for the Chinese projects of large-capacity battery energy storage parks. The reason is that the acquisition of the InterGen power stations also includes the planned 175 MW battery energy storage system in Spalding, the UK, intended as a stabilising element of the ultra-modern 300MW gas-fired open-cycle power plant being completed on the same site.
Context:
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 and holds stakes in two modern coal-fired power stations in Australia. The installed capacity totals over 4,000 MW. In addition, the company will complete a 300 MW OCGT (open cycle gas turbine) project this year and has additional energy projects in the pipeline.
“InterGen has a very strong market position in both the UK and Australia. We believe that conventional energy will continue to remain an important pillar in the energy mix of these markets for a long time. We see a great potential in the continued development of InterGen’s production base,” says Alan Svoboda, head of international expansion at Sev.en Energy.
The other half of InterGen shares is owned by major Chinese energy companies China Huaneng Group and Guangdong Energy Group. “We look forward to cooperation with the other shareholders and the whole InterGen team. We believe that together, we will achieve a further growth and appreciation of investments,” adds 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. The group employs more than 3,200 people. Consolidated assets (before the acquisition) are valued over EUR 850 million. The acquisition of 50% of InterGen shares is a major step taken by the Sev.en Energy group on its way to international growth. The actual takeover of the shares will take place subject to the approval of the EU’s and Australia’s competent authorities in a few months.
Ontario Teachers’ Pension Plan is one of the world’s largest pension funds. It represents 323,000 active and retired teachers of the province of Ontario, administering for them net assets of USD 193.9 billion (at 30 June 2018).
Contact:
Gabriela Sáričková Benešová
Spokesperson for the Sev.en Energy group
Tel: +420 476 203 141
GSM: +420 725 327 758
e-mail
www.7energy.com
