€320m SSE buy to create 700 jobs

British energy giant SSE is set to further boost its presence here, through the €320m acquisition of the Irish assets of Spanish utility Endesa and the creation of 700 jobs.

Endesa is actually taking a loss on the sale of its Irish operations — which consist of a number of power plants around the country — having bought them for €450m from the ESB three years ago. SSE, — formerly Scottish and Southern Energy, — will also be investing some €168m on top of the acquisition spend, bringing its total outlay on the assets to €488m.