TotalEnergies has signed an agreement with EIG, an institutional investor in the global energy sector, for the acquisition of West Burton Energy for an enterprise value of £450 million.
West Burton Energy owns and operates the West Burton B gas-fired power plant in Nottinghamshire.
West Burton B comprises three combined-cycle gas turbines (CCGT) with total output of 1.3 GW. Commissioned in 2013, it is one of the UK’s most advanced power plants and supplies some 1.8 million homes. A 49 MW battery storage system was added in 2018.
Stéphane Michel, President, Gas, Renewables and Power at TotalEnergies, said: “I am delighted to welcome the West Burton B team to TotalEnergies. This acquisition contributes to our integrated strategy in the UK, which combines renewable and flexible generation capacity.
“It complements our 1.1 GW Seagreen offshore wind farm and allows us to accelerate development of our Integrated Power activities in power generation, trading and marketing in this market.
“The deal also contributes directly to our 2028 ROACE target of around 12% in this business sector.”
