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 CountyGalway 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.

The plant uses advanced GE F-class combined cycle technology, including a 9FA gas turbine, the new GE A15 High Efficiency Advanced Technology (HEAT) steam turbine and a GE 9A5 generator. Maintenance of the gas and steam turbines is covered under long-term service agreements with General Electric International whilst day to day operation of the plant is undertaken by RWE npower.

The plant is located near 400-kilovolt and 220-kilovolt transmission lines at a non-constrained electrical grid connection point and a major natural gas pipeline, part of the Bord Gais Eireann network.