GE acquires 40% stake in Tynagh plant

US electrical giant GE is to acquire a 40 per cent interest in the Gama-built Tynagh power plant in Co Galway.

Tynagh Energy confirmed today that GE will acquire a 40 per cent interest in the 400-megawatt gas-powered plant, the State's newest power station, from Gama Construction, which will retain a 40 per cent interest in the plant.

GE was named as the preferred bidder for the stake in February with an offer of approximately €40 million.

It was report that Gama, which has worked with GE on a number of projects internationally, picked the US group over other international bidders - including Babcock & Brown - who were said to have tabled higher bids.

The Commission for Energy Regulation has a contract in place guaranteeing the sale of power from the Tynagh plant to the ESB for 10 years.