Engie to invest 50 mln in British hydro power plant

French energy company Engie will invest 50 million pounds ($64 million) to refurbish two units at its Ffestiniog hydro power station in Wales, it said on Wednesday.
The refurbishment will extend the life of the units at the plant, which is more than 50 years old, by a further 20 years. The company could also refurbish two other units at the plant at a later date, it said.
Ffestiniog was Britain’s first major pumped storage facility, which works by pumping water up hill to a reservoir, usually over night when power is cheap and electricity demand is low. The water is then released and generates electricity as it flows down hill through turbines.
The four units at Ffestiniog can generate a combined total of 360 megawatts.
Ffestiniog is run by First Hydro Co, owned 75 percent by Engie and 25 percent by Mitsui & Co, although the latter plans to sell its stake to Brookfield Renewable Partners LP..
First Hydro also runs the 1,700 MW Dinorwig hydro power station. ($1 = 0.7757 pounds).

Source: Reuters