Costa de Fuego, or Coast Of Fire, is the first event the former Mean Fiddler Music Group chief has launched since floating his Music Festivals company on the alternative investment market in July.
It will take place July 20-21, one week after his Benicassim Festival on the same coastal site, significantly reducing the cost of staging the 30,000-capacity event over three stages.
The new heavy metal fest is the first step toward Power’s ambition to grow Music Festivals to a £100 million ($158 million) company within five years.
“I certainly have the appetite and the energy for it,” he told City A.M. “The more festivals you do, the more buying power you have.”
Power, who in 2005 sold MFMG to Live Nation and fellow Irish promoter Denis Desmond for £37.9 million and raised £6.5 million from last year’s floatation, says he’s looking to acquire or start more festivals as soon as he can.
However, it’s doubtful if Isle Of Wight or HMV Live’s festivals – which are being hawked by Citigroup – are on his shopping list.
Despite a recent report in the Sunday Telegraph, there are doubts that IOW is for sale.
The HMV fests are largely one-dayers and are being offered as a package deal.
If they were the sort of festivals Power wants, he would more likely start his own on London’s Finsbury Park.