The UK energy services and solutions company Centrica plc (Centrica) has announced the completion of its Isle of Grain liquified natural gas terminal (Grain LNG) acquisition in partnership with US-based energy transition infrastructure investor Energy Capital Partners (ECP) from National Grid for an enterprise value of £1.5bn.
Centrica informs that after taking into account the £1.1 billion of new non-recourse project finance debt, Centrica’s 50% share of the equity investment is approximately £200 million.
“Having a reliable, constant supply of gas is critical to both the UK’s energy security and its journey to clean energy. So, we are thrilled to complete the acquisition of the Isle of Grain terminal alongside our partner, ECP. This investment delivers attractive returns and continues Centrica’s pivot towards stable, predictable infrastructure earnings. We look forward to working closely with the Grain LNG team to unlock the full value of this asset for customers and the country,” says Chris O’Shea, Group chief executive, Centrica plc.
Centrica is an international energy services and solutions company, founded on a 200-year heritage of serving customers in homes and businesses, supplying energy and services to over 10 million customers, mainly in the UK and Ireland, through brands such as British Gas, Bord Gáis Energy and Centrica Business Solutions.
