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Eurotunnel buys out Channel Tunnel power link developer

Reuters - UK Focus

PARIS, May 20 (Reuters) - Channel Tunnel operator Eurotunnel (Paris: FR0010533075 - news) said on Friday it had agreed to buy Star Capital's 51 percent stake in their joint venture ElecLink, which is developing an electricity transmission line between Britain and France via the undersea tunnel.

Eurotunnel said that once operational the high-voltage direct-current interconnector will increase the existing interconnection capacity between the two countries by 50 percent.

Using the existing Channel Tunnel infrastructure, ElecLink will offer 1,000 megawatts of additional two-way capacity, Eurotunnel said in a statement.

The transaction is subject to certain closing conditions. Once concluded, Groupe Eurotunnel (Other OTC: GRPTF - news) will hold 100 percent of ElecLink. (Reporting by Geert De Clercq; Editing by Mark Potter)