ESB cashes in 50% stake in Spanish power plant for €75m

THE ESB has sold a 50% stake in its Spanish power plant to a Japanese gas company for around €75 million.

The State-owned company said yesterday that its international arm, ESBI, has sold a 50% stake in the Amorebieta plant in Bilbao to Gas & Power Investments, a subsidiary of the Osaka Gas Company of Japan.

The gas-fired power station is currently under construction at the cost of €500m and will be in operation late next year. The 755 megawatt plant will be capable of supplying 30% of the energy requirement for the Basque region of Spain.