LONDON (dpa-AFX) - International Power plc (IPR, IPR.L), 70% owned by GDF SUEZ (GDFZY.PK, GDSZF.PK), announced that the sale of 40% of Hidd Power Co., or HPC, in Bahrain to Malakoff International Ltd. for $113.4 million has been completed. The plant has a total capacity of 929MW and 90 MIGD of water desalination.
This deal is in line with International Power's agreement to sell down part of its interest in the Bahraini power market to comply with regulatory requirements following the combination with GDF SUEZ Energy International in February 2011. In addition to regulatory compliance, this transaction also contributes 0.6 billion euros to the GDF SUEZ 10 billion euros portfolio optimisation programme.
Following this sale, International Power will continue to own 30% of HPC, which will now be accounted for under the equity method as an associate with its net debt not included within the Group net debt.
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© 2012 AFX News
