Independent power producing major InterGen has been sold by its parent company to Czech investors Creditas Group for an undisclosed sum.
With over 25 years’ experience in global energy markets, InterGen provides around 5% of UK generation capacity. Its 2.8 GW here is divided between three CCGT plants and one open cycle GT facility.
Completing its UK assets is the 450MW Gateway Energy Centre project at Corringham on the Thames Estuary, expected to become Europe’s largest storage system. Last February the Essex plant – pictured – secured a 15 year capacity market (CM) deal, due to begin operations in 2025.
A pipeline of other large-scale energy storage ventures is included in the sale.
Under the new structure, Creditas Group takes title to all InterGen’s UK sites plus its Edinburgh headquarters.
The acquiror has been active in energy since 2013. Its UCED division is the Czech Republic’s fourth largest distributor. Other investments include firms producing, distributing and trading power, gas and heat.
Entrepreneur Pavel Hubáček is the conglomerate’s ultimate owner.
InterGen CEO Jim Lightfoot said: “As we look to an exciting new future as member of Creditas Group, we remain committed to our core mission to supply energy to millions of homes across the UK. This sale will allow us to move forward with renewed certainty.”
The new owner’s CEO Jiří Hrouda responded: “We are delighted to expand our operations outside the Czech Republic and enter the UK market at this crucial time.
“In addition to the huge growth potential, it is also an opportunity for us to apply our know-how on a larger scale, to exploit synergy effects from different markets while simultaneously diversifying our investments outside the EU.”
Greenhill & Co advised InterGen on the sale, aided by lawyers Herbert Smith Freehills. Ernst & Young ran the numbers for Creditas Group, with law firms Watson Farley & Williams and Braun Partners drawing up contracts according to English and Czech law