International Power - History

History

See also: Central Electricity Generating Board#Privatisation and National Power#History

In 2000 National Power demerged its UK businesses as Innogy with the remainder of the business being renamed International Power. The Company was first listed on the London Stock Exchange on 2 October 2000.

In August 2010 the company announced a tie-up with GDF Suez via a reverse takeover whereby GDF Suez transferred its Energy International Business Areas (outside Europe) and certain assets in the UK and Turkey to International Power in exchange for 70% of the stock of the combined entity. The remaining 30% remained in the ownership of the existing International Power shareholders. The combination was completed on 3 February 2011 following approval by shareholders.

In October 2010 MeyGen, a consortium of Morgan Stanley, Atlantis Resources Corporation and International Power, received an operational lease from the Crown Estate for a 400MW tidal power project for 25 years in the Pentland Firth.

On 16 April 2012, GDF Suez announced the purchase of the remaining 30% of International Power and the transaction closed in July 2012.

International Power has a pipeline of large projects in the emerging markets; namely South America, the Middle East, South-East Asia - representing approximately 13 GW generating capacity and expected to be completed between 2014 and 2017. The purchase of IP will boost GDF Suez' presence in the growing energy demand regions.

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