SSE partners with Equinor to acquire Saltend Power Station operator

Scottish energy firm SSE and Norwegian petroleum refining company Equinor have jointly agreed to acquire Saltend Power Station operator Triton Power Holdings from Energy Capital Partners for a total of £341.0m, shared equally between the partners.

SSE said on Tuesday that the transaction, undertaken by its SSE Thermal division, represented "another step forward" for the pair's existing collaboration, supporting the long-term decarbonisation of the UK's power system whilst contributing to the security of supply and grid stability through flexible power generation in the shorter term.

In addition to the 1.2-gigawatt combined cycle gas turbine and combined heat and power facility in East Yorkshire, the acquired portfolio also includes Indian Queens Power Station, a 140-megawatt open cycle gas turbine in Cornwall, and Deeside Power Station, a decommissioned CCGT in north Wales.

The transaction was expected to complete in September, subject to UK National Security Filing and EU Merger Control.

Managing director of SSE Thermal, Catherine Raw, said: "Flexible energy will be absolutely essential as renewable energy scales up over the coming years, providing vital back-up while protecting security of supply. But the real prize will be how we decarbonise that flexible energy over the longer term, and we are excited, in particular, by the hydrogen and carbon capture opportunities at Saltend.

"Together with Equinor, we will explore every avenue to decarbonise Saltend and create new opportunities at other assets so they can play a continued role in a net-zero future. We welcome our new colleagues and I look forward to working with them all as they play a critical role over the years ahead."

Reporting by Iain Gilbert at Sharecast.com