BG Group is to sell its 50% interest in Seabank Power to Electricity First, a Cheung Kong Infrastructure Holdings (CKI) subsidiary for $320m.
Seabank Power, a 50/50 joint venture between BG Group and Scottish and Southern Energy (SSE) owns and operates the 1,140MW combined-cycle gas turbine (CCGT) Seabank power plant near Bristol, UK.
The power station comprises a combined cycle gas turbine power station, a gas compressor station and a gas pipeline.
The plant that sells its entire capacity to SSE, entered into operation in two phases – a 780MW phase I in 2000 and 380MW phase II in 2001.
CKI plans to on-sell part of the investment in the project to its partner Hongkong Electric Holdings in line with its energy investments in the UK, Canada, Australia and New Zealand.
The deal is expected to close in second quarter of 2010, subject to conditions.