Power firm to sell 25pc of station

Energy giant International Power is to sell off a 25 per cent stake in its Rugeley power station to a conglomerate based in Japan, it has emerged.

The Mitsui Corporation will now own a quarter of the power station but bosses today said it would be "business as usual" at the plant.

The deal is being seen as a move to strengthen links between International Power and Mitsui, who already have an existing relationship.

Any agreement will have to be approved by shareholders at an extraordinary general meeting.

Anna Hirst, spokesman for International Power, said workers in Rugeley wouldn't notice any change after the deal goes through.

She said: "It will very much be business as usual at Rugeley.

"This has been done to strengthen our links with Mitsui. They will have a say in the business but International Power will still own 75 per cent. There will be no change to workers or management at the station."

Mitsui will provide a £200 million credit facility for International Power to support trading activities of its UK assets.

The sale and purchase of the different sections of the business will result in a net cash windfall to International Power of £85 million.