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Czech Tycoon Earmarks $1.2 Billion to Buy Europe's Old Coal

  • Seven Energy owner sees value in dirty fossil fuel generation
  • Acquisition targets range from Britain to Germany and Italy

Sometimes one man’s trash can be another man’s gold.

Czech energy magnate Pavel Tykac is ready to spend 1 billion euros ($1.2 billion) of his own cash on aging coal and gas-fired power plants across Europe. He’s betting the dirty generators will be needed for decades to supplement the green power that’s taking a bigger role at utilities from Germany to Britain.