A power station in Northumberland has been sold in a deal that secures the future of itw 130 employees.
The Lynemouth plant has been sold by RWE to Czech firm Energetický (EPH). Financial details of the deal have not been released.
Plans to convert the power station from coal to biomass took a step forward in December when the European Commission approved a Government grant for the conversion after it was questioned on state aid rules.
The power station has not been producing power since the start of the year because the former coal plant was not compliant with international rules on emmissions.
But work will now go ahead this year and in 2017 to convert the plant for the use of biomass.
It is hoped that, after its conversion, the plant will be able to generate around 2.3 TWH of energy a year, enough to power around 700,000 homes.
Neil O’Hara, at Energetický’s British wing EP UK, said: “We are pleased that EPH has made this investment and look forward to working closely with the Lynemouth Power team and its contractors to reach final investment decision.
“Whilst we are working under tight time constraints and challenging foreign exchange conditions we believe that with the continuing efforts of the Lynemouth team and the on-going support of the contractors the business will achieve its ambitions.”