SSE acquires power plant for £12.3 million cash

Scottish and Southern Energy today announced that it has acquired a 120MW gas-fired power station in Cardenden, Fife for £12.3 million cash.

Scottish and Southern Energy plc (SSE) has today announced the acquisition of a 120MW gas-fired power station in Cardenden, Fife for £12.3 million cash.

The combined cycle gas turbine plant, which began commercial operation in January 2001, was previously owned by a group of shareholders, including the US-based energy company El Paso.

SSE said that it intends to spend up to £3 million upgrading and reinforcing the operational performance of the plant, which has been in administration since January 2003.

The acquisition, which follows the £242 million deal to acquire 100% ownership of Medway Power in October 2003, takes the capacity of SSE’s power stations to almost 5,700MW.

SSE now has the fifth largest portfolio of power stations (by installed capacity) in the UK, owning around 7.5% of the total.

‘The acquisition of a smaller station such as Fife Power will provide further diversity of plant mix within our generation portfolio, particularly in the mid-merit sector,’ commented Ian Marchant, Chief Executive of SSE.