The electricity company SSE has signed an agreement with Endesa Generacion to acquire the shares of Endesa Ireland for €320m, plus an estimated €43m for working capital.

As well as four power stations, the acquisition includes options for future development of electricity plants in Ireland.

Following the completion of this acquisition (and including its existing wind-farm capacity), SSE will become the third-largest electricity company in Ireland.

One hundred and ten employees of Endesa Ireland will be transferred to SSE.

Gregor Alexander, finance director of SSE and its lead director for Ireland, said:

The acquisition will give us substantial and diverse generation assets to help meet the energy needs of our increasing number of customers and give balance to our business in Ireland which will put it on a very strong footing for the long term.  Making the most of the opportunities presented by our two acquisitions of recent weeks and in our existing businesses is our priority for the next few years in Ireland.