Augusta & Co is pleased to announce the sale of 80% of the shares in Tynagh Energy Limited by EFS Tynagh Holding Company Limited and GAMA Energy International BV, entities owned by GE Energy Financial Services (“GE EFS”) and GAMA Holding A.S., respectively. Mountside Partners Limited remains a 20% shareholder.
This sale was completed on 29 October 2019.
The stake has been acquired by EPUKI, a wholly owned subsidiary of Czech headquartered Energetický a Průmyslový Holding (EPH), one of the largest electricity generating companies in Europe, and the acquisition represents its first investment in the Irish market.
Tynagh Energy Limited is the owner and operator of a merchant 400MW CCGT plant in Galway, Ireland.
Charlie Hodges, Director at Augusta, said “We see a growing premium applied to flexible generation and storage assets in electricity markets that are adapting to increasing penetration of renewable energy. Ireland has some of the most ambitious renewable energy targets in Europe and Tynagh is playing a critical role enabling further growth in renewables by providing back-up power, balancing and ancillary services that are crucial to grid stability.”
“The sale of Tynagh marks Augusta’s fourth energy transaction in the Integrated Single Electricity Market (I-SEM) in the past two years and we remain bullish on Ireland as a source of major growth and investment opportunity, especially as new market opportunities arise for solar, offshore wind and battery storage.”