24 October 2004 LAWFUEL – Law, law firm, legal, attorney, finance law newsNorton Rose, the international law firm, has acted for ScottishPower on its acquisition of 50% of South Coast Power Limited, the owner of the 400MW CCGT Shoreham Power Station in Brighton, East Sussex. ScottishPower already owned 50% of the company and has acquired the further 50% from American Electric Power (AEP). The effective price of the acquisition is estimated to be £199/KW of installed capacity. The acquisition allows ScottishPower, as sole owner and operator to increase its energy business in line with its already growing UK customer base.
Norton Rose partner Simon Currie commented:
“We are delighted to have acted for ScottishPower on this acquisition. ScottishPower is a key player in the wider UK energy market and its expanded portfolio of new generation gas-fired power plants should enable them to benefit if, as expected, the EU Emissions Trading Scheme results in a reduction in coal-fired generation in the UK”.
The Norton Rose team was led by energy partner Simon Currie, supported by corporate partner Alan Crookes and construction partner Richard Hill assisted by Jason Moss, Hannah Logan, Jonathan Evans, Kate Kortenbout and Heather Fox.
AEP were advised by their in-house counsel Randy G. Ryan.