6/22/2010 | Electricity business
Galp Energia sets up partnership for Sines’ CCGT development
Galp Energia has signed today an agreement with a subsidiary of International Power plc (IPR) for the development of the combined cycle gas turbine plant (CCGT) at Sines. Through this agreement Galp Energia hands over 50% of the company currently developing the CCGT project at Sines, which was formerly 100% owned by Galp Energia, to IPR. Subject to the approval of the relevant authorities, completion of the transaction is expected to occur by the end of 2010.