Riverstone to scoop up Dutch and German coal power assets

26th Apr 2019 08:29

(Sharecast News) - Riverstone Energy Limited has confirmed the purchase of a fleet of coal and biomass-fired power stations comprised of approximately 2,350 megawatts of gross generation capacity from affiliates of French utility company Engie.The newly acquired fleet, located in Germany and the Netherlands, will be managed by Riverstone's newly formed independent power producer, Onyx Strategic Investment Management I BV, which the company said is expected to be "a critical component in the provision of reliable power generation in Western Europe".The power stations include two of Europe's most recently constructed thermal plants, which the FTSE 250-traded company said benefit from high efficiencies, substantial environmental controls, very low emissions profiles and the potential use of sustainable biomass.Riverstone did not specify the cost of the fleet, but a statement from Engie said the deal would cut its net consolidated debt by around €200m euros ($223m).Riverstone co-founders David Leuschen and Pierre Lapeyre said: "Today's announcement is a great example of Riverstone's increased focus on its leading investment platform in global power and electric infrastructure, which has committed over $4.9bn of equity to the sector. This transaction provides our investing partners with an additional high quality, system critical power generation portfolio, operated by an experienced and talented workforce."The transaction is expected to be completed later this year upon the receipt of regulatory and other approvals, and will be funded by equity commitments from Riverstone Energy Limited, Riverstone Global Energy and Power Fund VI, L.P., and other Riverstone managed vehicles.Riverstone shares climbed 0.41% to 980.00p at 0835 BST.