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ESB has sold its 50pc stake in a Spanish power station under government plans to raise €400m by selling power generation assets. The semi-state company and co-owners Osaka Gas UK completed the sale of Bizkaia Energia (BESL) to an affiliate of ArcLight Capital Partners, a US- based energy investment firm. The terms of the latest transaction – part of a wider disposal of state assets ordered by the troika – have not been disclosed.

The ESB previously sold its 50pc stake in Marchwood power station in the UK to a unit of reinsurance giant Munich Re for an estimated €180m.

It said BESL is the owner of Amorebieta Power Station, a 755MW combined cycle gas turbine power plant in northern Spain, and that the deal includes associated operations and maintenance contracting company, ESBIfm Espana.

"Amorebieta Power Station, which has been in commercial operations since 2005, has been a very successful project for ESB and Osaka Gas," said the ESB.

"The sale process for BESL and ESBIfm Espana was managed by BBVA.

"The sale was prompted by the Irish Government's request for ESB to raise a special dividend of €400m from the sale of non-strategic generation assets." The ESB is selling the stakes so it can make a special dividend payment to the State.

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