The agreement is subject to a condition precedent that, once satisfied, should result in ownership transferring to Scottish and Southern Energy (SSE) by the end of December 2007.
The principal assets of Slough Heat and Power include a combined heat and power plant, with potential generating capacity of 101MW and a current generating capacity of around 80MW, which produces electricity plus heat that is distributed through a steam and water distribution network.
The company’s assets also include around 100km of underground electricity network, as well as substations and around 3,000 industrial, commercial and domestic energy customers. Almost all of the assets are located on the Slough Trading Estate, which is supported by a connection to SSE’s Southern Electric power distribution network.
Ian Marchant, CEO of SSE, said: I am delighted that Slough Heat and Power is becoming part of SSE. It is an important business, situated right in the heart of one of our traditional operating areas. With its mix of assets and customers, it is a ready-made fit for SSE’s business model, and over time we expect to secure efficiencies and synergies which will create further value.
