International Power Completes Sale of its 25% Stake in Union Fenosa Generacion
(London - 26 July 2001) International Power today announces that the sale of its 25% stake in Union Fenosa Generacion to Union Electrica Fenosa has been successfully completed.
"We are delighted with the prompt closing of this deal" said Peter Giller, CEO of International Power. "The proceeds from this sale increase our financial flexibility to pursue growth opportunities in our core regions of North America, Europe and the Middle East, and Australia," he added.
Pursuant to the completion of the transaction, José Maria Amusátegui has resigned as a director of International Power plc.
For further information please contact:
Media Contact:
(Europe) |
Edward Orlebar or Morgan Bone (Finsbury)
+44 (0)20-7251-3801 |
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Investor contact:
(Europe) |
Grant Jones
+44 (0)20-7320-8619 |
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Media & Investor contact:
(United States) |
Paul Parshley
+1 508-922-3124 |
Notes to Editors
UFG was created in 1999 when UEF transferred its power generation and retail business, which at that time represented approximately 13% of the Spanish generation market comprising of an investment in 8,450MW gross (5400 MW net) capacity. National Power purchased a 25% ownership position in UFG in June 1999, and this asset remained with International Power at demerger.
International Power is one of the world's leading independent electric generating companies with over 8,850 MW (net) installed capacity in operation, 2,350 MW (net) under construction and approximately 8,000 MW (net) in advanced development. Among the countries where International Power has operating facilities are Australia, the United States, the United Kingdom, the Czech Republic, Portugal, Turkey, Malaysia, Pakistan, and Thailand. International Power was created from the demerger of National Power, and its shares began trading independently on the London Stock Exchange and as ADRs on the New York Stock Exchange on 2 October 2000. The ticker symbol on both stock exchanges is "IPR".