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Carron Energy has won government approval to build a £400m 800MW gas-fired power station at Newport in South Wales by 2010, which will create up to 650 jobs.
Carron Energy has bought NEL Power, the Stokesley-based power station builder, out of administration for undisclosed terms, securing the future of 54 jobs.
Carron Energy, the owner of the Uskmouth coal-fired power station, has been sold by Rutland to a consortium led by Deutsche Bank for £125m.
Carron Energy is planning to build a £400m gas-fired power station next to its existing Uskmouth coal-fired plant in Newport by 2008, with the creation of 85 permanent jobs.