The GEK TERNA Group and GDF SUEZ have reached an agreement to enter a partnership wherein both groups hold a 50% stake in the first two power plants of GEK TERNA Group (HERON I & HERON II). According to the agreement, the management of the two plants will be conducted by both parties equally.
Both power plants are state-of-the-art efficient and clean gas fired plants and located in Viotia (about 120km north of Athens). Heron I, the first private power plant in Greece, is a 150 MW open cycle gas fired power plant that is in operation since 2004. Heron II, a 450 MW combined cycle gas fired power plant, is currently under construction by TERNA and is scheduled to come in commercial operation in the first quarter of 2010.
The transaction is subject to the usual regulatory approvals.
The power plants will be owned and operated by the joint venture of the GEK TERNA Group and GDF SUEZ and will benefit from the complementary activities of its owners. The GEK TERNA Group is a major Greek private power production, construction, real estate and concession Group, with extensive experience in the Greek energy market and GDF SUEZ is a major global energy company which owns and operates an important number of similar power plants worldwide.
GEK TERNA Group of Companies is one the major Greek private power production, construction, real estate and concession Groups. In the energy field, the GEK TERNA Group operates or has under construction 800 MW, while its target for 2012 in Greece Is over 2000 MW (from thermal and renewable energy activity) The GEK TERNA Group is also active in the Balkans and the Arabic Gulf.
One of the leading energy providers in the world, GDF SUEZ is active across the entire energy value chain, in electricity and natural gas, upstream and downstream. It develops its businesses (energy, energy services and environment) around a responsible-growth model to take up the great challenges: responding to energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. GDF SUEZ relies on diversified supply sources as well as flexible and high-performance power generation in order to provide innovative energy solutions to individuals, cities and businesses. The Group employs 196,500 people worldwide and achieved revenues of ?74,3 billion in 2007. GDF SUEZ is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Stoxx, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and ASPI Eurozone.