The Boards of International Power plc (the "Company") and GDF SUEZ are pleased to announce that closing of the Combination of International Power and GDF SUEZ's Energy International Business Areas (outside Europe) and certain assets in the UK and Turkey ("GDF SUEZ Energy International") occurred today.
The combined business creates a global leader in independent power generation with over 66,000MW of gross capacity in operation and committed projects expected to deliver 22,000MW of gross capacity by 2013, with strong positions in major regional markets and an attractive growth profile.
Sir Neville Simms, Chairman of International Power said: 'The completion of this transaction creates a high growth, world leading independent power generation company. This is a major milestone in the development of International Power. The enlarged group has a strong pipeline of committed new-build projects already in the course of construction, and enhanced access to further significant growth opportunities through its broader global presence. The group has a robust capital structure with improved access to attractively priced capital that will underpin the delivery of value enhancing growth for all shareholders."
Gerard Mestrallet, Chairman and CEO of GDF SUEZ said: 'I am very pleased and proud we have successfully combined our activities with International Power. Together we have created a unique Group with highly skilled people. International Power offers an attractive growth profile with an unparalleled and balanced portfolio of assets. Our new Group is ideally positioned in the regions where 80% of tomorrow's new production capacities needs will occur.'
This is a truly defining transaction for GDF SUEZ, illustrating its philosophy and strategy of long-term development based on industrial partnerships. It consolidates the international leadership of GDF SUEZ in the global utilities sector, moving the Group into first place in terms of annual revenue (over €84 billion in 2009). It also makes GDF SUEZ the n