Centrica lands €1.1bn Irish deal
Energy giant Centrica together with private equity groups Brookfield Renewable Energy Partners and iCON Infrastructure Partners II have agreed to buy Irish energy firm Bord Gais Energy (BGE) for €1.1bn (£0.9bn).
Centrica will take ownership of BGE's electricity supply business in Ireland as well as the Whitegate gas-fired power station, with an enterprise value of €210m (£175m) as at the effective date of 31 December 2013.
Centrica chief executive Sam Laidlaw said:
This is a unique opportunity for Centrica to take a first step in a neighbouring market with strong links to the UK, building on Bord Gáis Energy's existing capabilities and delivering value for the Group.
We continue to pioneer new technology, putting households and businesses in control of their energy use, to reduce their bills and their carbon emissions. We look forward to delivering these benefits to our new customers in the Republic of Ireland.
iCON Infrastructure Partners II, will take ownership of BGE’s firmus energy supply and regulated gas distribution assets in Northern Ireland while Brookfield Renewable Energy Partners will gain BGE’s renewable generation assets.