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11/05/2009
Centrica To Invest In EDF Nuclear Business In The UK
EDF Group and Centrica announced today that they have reached a definitive agreement whereby Centrica will invest in EDF's nuclear business in the UK.
Centrica will acquire a 20% interest in British Energy, the operator of eight existing nuclear power stations of which EDF acquired control in January 2009.
EDF and Centrica will also form an 80/20 joint venture to pursue a planned programme to build four new nuclear power stations in the UK. EDF will also acquire Centrica's 51% stake in Belgian generation and supply business SPE.
Pierre Gadonneix, Chairman and Chief Executive of EDF, said: "This transaction, part of the group's strategy of developing its positions in Europe, will enable leading British generator, Centrica, alongside EDF, to take part in the re-launch of nuclear energy in the United Kingdom through an industrial partnership in a form already pioneered by EDF in China and the US.
"This transaction will also help balance both the generation and supply businesses of EDF Energy. The asset swap in this deal will also see the EDF group reinforce its Benelux presence by becoming the second-largest generator in Belgium."
Roger Carr, Chairman of Centrica, said: "We are delighted to have successfully concluded an agreement with EDF as a world leader in nuclear power. The deal represents good value for Centrica shareholders, improves the strategic balance of our business and further underpins our green energy credentials.
"The attractive price secured for the sale of SPE will help preserve our balance sheet firepower as we focus the group on growth opportunities in the UK and North America."
(CD/JM)
Centrica will acquire a 20% interest in British Energy, the operator of eight existing nuclear power stations of which EDF acquired control in January 2009.
EDF and Centrica will also form an 80/20 joint venture to pursue a planned programme to build four new nuclear power stations in the UK. EDF will also acquire Centrica's 51% stake in Belgian generation and supply business SPE.
Pierre Gadonneix, Chairman and Chief Executive of EDF, said: "This transaction, part of the group's strategy of developing its positions in Europe, will enable leading British generator, Centrica, alongside EDF, to take part in the re-launch of nuclear energy in the United Kingdom through an industrial partnership in a form already pioneered by EDF in China and the US.
"This transaction will also help balance both the generation and supply businesses of EDF Energy. The asset swap in this deal will also see the EDF group reinforce its Benelux presence by becoming the second-largest generator in Belgium."
Roger Carr, Chairman of Centrica, said: "We are delighted to have successfully concluded an agreement with EDF as a world leader in nuclear power. The deal represents good value for Centrica shareholders, improves the strategic balance of our business and further underpins our green energy credentials.
"The attractive price secured for the sale of SPE will help preserve our balance sheet firepower as we focus the group on growth opportunities in the UK and North America."
(CD/JM)
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