merrion street

Energy Minister Pat Rabbitte and Public Expenditure Minister Brendan Howlin today announced that they have approved the selection of a preferred bidder for the proposed acquisition of Bord Gáis Energy.

A consortium comprising Centrica plc, Brookfield Renewable Power Inc and iCON Infrastructure has now been selected as preferred bidder for Bord Gáis Energy on the basis of its revised bid which has an enterprise value of up to €1.12bn.

Discussions will now commence between Bord Gáis Éireann and the preferred bidder on finalising the terms of the sale agreement which is expected to be signed in early 2014. In parallel, Bord Gáis Éireann will engage with its employees, their trade union representatives, and the preferred bidder over employee related matters arising from the proposed sale.

Ministers Rabbitte and Howlin said:

We are pleased with this development, which has led to materially improved value being offered and the selection of a preferred bidder. Each consortium member brings with it deep industry experience and significant financial strength to support the continued investment in the business. The entry into the all-island energy market of international strategic investors is a strong vote of confidence in the market, the Irish economy and in the Bord Gais Energy business and its employees. The successful conclusion of the sale will help provide additional funding to enable investment in infrastructure and jobs. The Departments and NewERA will continue to work with Bord Gáis Éireann to complete the sale of Bord Gáis Energy in early 2014, in accordance with the recently enacted Gas Regulation Act.