International Power Plc (IP) is a global leader in independent electricity generation. It also has interests in fresh water production (seawater desalination), LNG terminals, gas distribution and energy retail. IP’s recent combination with GDF SUEZ Energy International formed an enlarged, more diversified group with over 70GW (gross) of power generation capacity and a growth pipeline of 17GW. The strengthened balance sheet includes the provision of a GBP3.1bn credit facility (investment grade) to aid IP's growth focus which will be driven by acquisitions and new-build projects aided by an increased geographical footprint, diversified contract mix and high quality assets across high growth markets (Latin America, Middle East and Asia). IP’s fuel mix is focused on lower carbon emissions with Gas making up 63% of installed capacity and Gas and Hydro making up 51% and 34% of capacity under construction. Key risks include regulatory and geopolitical risks given its exposure to emerging regions and execution risk of new builds, somewhat mitigated by the level of long term contracts (94%).