26 JAN 2023
InterGen announces new ownership
InterGen, one of the UK’s largest independent power producers, moves into new ownership
InterGen’s parent company has today concluded the sale of InterGen and its United Kingdom (UK) operations to CREDITAS Group.
A world class developer, owner and operator of power generation facilities with over 25 years’ experience in global energy markets, InterGen is one of the largest independent power producers in the United Kingdom with around 2,800 megawatts in operation between three combined cycle gas turbine plants and one open cycle gas turbine plant, providing in the region of 5% of UK generation capacity.
InterGen’s UK portfolio also includes the 450 megawatt ‘Gateway Energy Centre’ battery energy storage system development project, expected to become Europe’s largest, which was awarded a 15 year capacity market agreement in February 2022, due to commence operations in 2025. The sale also includes a further pipeline of similar large-scale battery energy storage system projects which are in development.
Under the new structure, CREDITAS Group will assume ownership of all InterGen’s UK sites, plus its growth projects, Edinburgh headquarters and employees across the region.
CREDITAS Group has been active in the energy sector since 2013 and its energy division UCED is the fourth largest energy distributor in the Czech Republic. The energy sector is a core investment area of CREDITAS Group, which primarily targets ownership interests in companies engaged in the production, distribution and trading of electricity, gas and heat. .
Jim Lightfoot, InterGen’s Chief Executive Officer, said:
“As InterGen looks to an exciting new future as member of CREDITAS Group, we remain committed to our core mission to supply energy to millions of homes across the UK. This sale will allow us to move forward with renewed certainty, accelerating the energy transition through our growth projects and providing energy for generations to come.”
Jiří Hrouda, CREDITAS Group CEO, said:
“We are delighted to expand our operations outside the Czech Republic and enter the UK market at this crucial time. In addition to the huge growth potential, it is also an opportunity for us to apply our know-how on a larger scale, to exploit synergy effects from different markets while simultaneously diversifying our investments outside the EU."
During the transaction, InterGen has been advised by Greenhill & Co. as exclusive financial advisors and by Herbert Smith Freehills on the legal side, whilst Ernst & Young have advised CREDITAS Group on the financial side of the transaction and Watson Farley & Williams (UK) and bpv Braun Partners (CZ) on the legal side.
Notes to Editors
- InterGen, headquartered in Edinburgh, is one of the UK’s leading independent energy generators, currently supplying around 5% of the country’s generating capacity from sites in Coryton (Essex), Spalding (Lincolnshire) and Rocksavage (Cheshire), in addition to a world-leading battery storage pipeline.
- The sale incorporates the full InterGen UK business – but not the Australian business, which remains under the previous ownership.
About CREDITAS Group
- CREDITAS Group has been active in the energy sector since 2013 and its energy division UCED is the fourth largest energy distributor in the Czech Republic.
- The energy sector is a core investment area of CREDITAS Group, which primarily targets ownership interests in companies engaged in the production, distribution and trading of electricity, gas and heat.
- CREDITAS Group is ultimately owned by Pavel Hubáček, one of the most successful businessmen active in the banking, real estate and energy sectors in the Czech Republic
- In addition to energy distribution, CREDITAS Group focuses on electricity and heat generation and is also a major provider of power balance services.