International Power transfers TNP assets to Glow Energy

International Power has commenced a process to transfer its Thai National Power (TNP) assets to Glow Energy, a Thai energy and utilities company.

TNP currently operates a 136MW plant and is constructing the 110MW TNP 2 plant.

International Power’s equity interest in TNP, of which it owns 100 per cent, is expected to be transferred to Glow Energy, of which it owns 69 per cent, for a cash consideration of $55m (£33.5m) and Glow Energy will assume the debt held by TNP.

The transfer, which is expected to be completed in 2011’s third quarter, will consolidate the electricity generation activities of International Power in Thailand under one entity.