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14/04/2003
Viridian to sell Moyle Interconnector for £122.5m
Viridian Group PLC has agreed to sell the Moyle Interconnector for £122.5 million.
Moyle Holdings Limited, a newly-formed company, has agreed to buy the 500MW high-voltage DC electricity transmission link between the electricity grids of Northern Ireland and Scotland.
The Interconnector was developed and financed by Viridian (part-assisted by an EU grant) and entered full commercial operation in April 2002.
In addition, as part of the overall transaction, Viridian has agreed with Ofreg, the independent electricity watchdog, to a £10 million reduction in NIE’s Transmission & Distribution RAB.
Commenting on the sale, Patrick Haren, Chief Executive of Viridian, said: “We are selling this asset because, unlike the Transmission & Distribution business, we see limited scope for adding value over and above the RAB. Our shareholders will benefit from the premium realised, a fair reward for Viridian’s commitment in developing, financing and bringing the Interconnector to successful commercial operation”.
Viridian will announce its preliminary results for the year to 31 March 2003 on 15 May.
(MB)
Moyle Holdings Limited, a newly-formed company, has agreed to buy the 500MW high-voltage DC electricity transmission link between the electricity grids of Northern Ireland and Scotland.
The Interconnector was developed and financed by Viridian (part-assisted by an EU grant) and entered full commercial operation in April 2002.
In addition, as part of the overall transaction, Viridian has agreed with Ofreg, the independent electricity watchdog, to a £10 million reduction in NIE’s Transmission & Distribution RAB.
Commenting on the sale, Patrick Haren, Chief Executive of Viridian, said: “We are selling this asset because, unlike the Transmission & Distribution business, we see limited scope for adding value over and above the RAB. Our shareholders will benefit from the premium realised, a fair reward for Viridian’s commitment in developing, financing and bringing the Interconnector to successful commercial operation”.
Viridian will announce its preliminary results for the year to 31 March 2003 on 15 May.
(MB)
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