Energy giant Centrica and two partners today spent €1.1 billion (£920 million) buying Ireland’s state-owned gas and electricity business Bord Gais, as the owner of British Gas looks for growth away from its troubled home market.
Dublin put up the assets for sale as part of its money-raising privatisation programme.
The deal sees Centrica acquire BGE’s gas and electricity supply business and the 445-megawatt Whitegate power station, while Canada’s Brookfield Renewable Energy fund takes its renewable generation assets, and the UK’s iCON Infrastructure is taking on BGE’s natural gas supply division Firmus.
“This is a unique opportunity for Centrica to take a first step in a neighbouring market,” said Centrica chief executive Sam Laidlaw.
It comes after a “difficult” set of figures: British Gas profits fell 6% to £571 million in 2013 and it lost more than 360,000 gas and electricity accounts as customers switched to cheaper rivals.
