Centrica has agreed to sell its Langage and South Humber Bank combined cycle gas turbine (CCGT) power stations, with a combined capacity of 2.3GW, to EP UK Investments (EPUK) for £318 million in cash.
EPUK’s parent company, Energetický a Průmyslový Holding (EPH), is a Czech-based integrated utility that operates power stations across central Europe. It has been on a significant buying spree in recent years, including the acquisitions of the Eggborough and Lynemouth Power stations in the UK, which it is redeveloping.
Centrica said the deal continues its shift away from large scale power plants towards flexible peaking units, energy storage and distributed generation.
The firm has stated that it intends to invest £1.2 billion of additional resources in distributed energy and power and connected homes up to 2020.
The transaction is subject to EU merger clearance and is expected to complete during the second half of 2017.