Institutional investor EIG has completed its acquisition of EDF’s West Burton B power station in Nottinghamshire. The acquisition was announced in April and sees EDF dispose of its only UK gas-fired power station, and will see EIG become a UK independent power producer for the first time.
Along with three CCGT units at the site that total 1332MW, EIG has acquired a 49 MW battery installation at the site and a 19km gas supply pipeline. West Burton B went into operation in 2013.
R Blair Thomas, EIG chair and chief executive, said, “This transaction is consistent with our strategy to invest in high-quality assets, best-in-class teams and critical energy infrastructure. Gas-fired power stations have demonstrated their strategic importance in the UK’s electricity supply system, and our investment in West Burton Energy underscores our confidence in the continued role that gas will play in facilitating the energy transition.”
Walid Mouawad, managing director at EIG, said, “This is a fantastic opportunity for our investors as West Burton Energyembarks on a path forward to deliver solutions capable of supporting a net–zero future. With the strong growth of renewable generation, we believe that battery storage technology will continue to support the stability of the U.K.’s national grid network. EIG is delighted to partner with this incredible team and to be a part of West Burton Energy’s exciting next chapter.”
EIG has been an institutional investor in the global energy sector since 1982. It has committed over $38 billion to the energy sector through over 370 projects or companies in 38 countries on six continents. EIG says its clients include pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the US, Asia and Europe. EIG is headquartered in Washington DC with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.