PRODUCT PROFILE

Latest Dublin Prices

ESB firm to build a UK power station

Friday, September 28 10:35:18

Carrington Power Limited, a company owned by ESB, has reached an agreement with a syndicate of international banks to build a combined cycle gas turbine (CCGT) power plant just outside Manchester, England.

The project is funded by project-specific finance, incorporating export credit support from the Swiss Export Credit Agency, SERV.

The funding was co-ordinated overall by RBS, with HSBC acting as SERV co-ordinator, and a number of major international financial institutions participating including Lloyds, KfW IPEX-Bank, Santander, BBVA and Societe Generale.

At 880MW, the new plant will generate enough electricity to meet the needs of one million homes.

Speaking after the announcement of Financial Close, ESB's Chief Executive, Pat O'Doherty said: "The availability of project finance from a consortium of international banks was critical to the development of Carrington Power Limited and is a testament to their confidence in ESB and in this project."

The overall construction contract has been awarded to the engineering consortium Alstom Duro Felguera and Carrington Power is scheduled to be commissioned by 2016.