Czech energy company Sev.en has signed an agreement to buy a 50% stake in the energy company InterGen from Canada’s Ontario Teachers’ Pension Plan, the company said in its press release published on February 1. Financial details of the agreement were not published.
Closing the deal, which is subject to the consent of the EU and Australian authorities, will take place in the next few months. The acquisition of InterGen is considered to be an important step for Sev.en for its international expansion.
“InterGen has a very strong position in both the UK and Australian markets. We believe that conventional energy will remain a significant pillar in the energy mix of these markets. We see great potential for further development of InterGen's production base,” said the head of international expansion for Sev.en Energy Alan Svoboda.
The owners of the other 50% stake of InterGen are major Chinese energy companies China Huaneng Group and Guangdong Yudean Group. “We look forward to working with the other shareholders and the entire InterGen team. We are convinced that together we will achieve further growth, as well as good returns on our investments,” Svoboda added.
Sev.en currently operates two lignite coal mines and four coal-fired power plants in the Czech Republic, employing more than 3,200 people.
InterGen, with assets in the UK and Australia, owns and operates three combined-cycle gas-fired power plant units in the UK and has a stake in two coal-fired power stations in Australia.
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