GE takes stake in Tynagh

GE Energy Financial Services announced today that it has agreed to acquire a 40 percent interest in Ireland's newest natural gas-fired power plant, subject to customary closing conditions. Financial details relating to the transaction were not disclosed.

GE Energy Financial Services is acquiring the stake in the 400-megawatt Tynagh power plant in County Galway from GAMA Construction Ireland, part of GAMA Holding. GAMA retains a 40 percent interest in the plant, which commenced operations in March 2006. GAMA, working in a joint venture with General Electric International, began construction of the plant in March 2004.

Tynagh Energy is the result of a successful tender for a competition run by the Commission for Energy Regulation (CER) in December 2003 to design, finance, construct, operate and maintain a 400MW Combined Cycle Power Plant in the Republic of Ireland. The Tynagh power plant, Galway's first, will meet approximately ten percent of the Irish market demand.