Centrica, Brookfield Renewable Energy Partners and iCON Infrastructure have agreed to acquire Bord Gáis Energy (BGE), the vertically integrated Irish energy business from Bord Gáis Éireann, the state owned energy company, for €1.1bn (£920m). Under the transaction, Centrica will acquire BGE’s gas and electricity supply business in Ireland and the Whitegate gas-fired power plant, which make up €210m (£175m) of the total enterprise value as at the effective date of 31 December 2013. The BGE supply business is the largest dual fuel supplier in Ireland, with approximately 650,000 residential gas and electricity accounts and 30,000 business accounts (estimated market share in Ireland of 56% for gas and 15% for electricity). The 445 MW Whitegate gas-fired power station in County Cork was commissioned in December 2010. iCON will acquire BGE’s energy supply and regulated gas distribution assets in Northern Ireland and Brookfield will acquire BGE’s renewable generation assets. The transaction is expected to close in the first half of 2014.
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