The deal will add 900,000 electricity and gas customers across Ireland and a gas-fired power station in Cork to Centrica’s portfolio.
Brookfield Renewable Power and Icon Infrastructure joined Centrica in the bid. They will take control of Bord Gáis’s onshore wind and Northern Ireland energy distribution businesses, respectively.
Irish energy minister Pat Rabbitte and public expenditure minister Brendan Howlin said the consortium had made a “materially improved offer” since the government knocked back indicative bids on 27 November.
In a joint statement, they said: “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 Gáis Energy business and its employees. The successful conclusion of the sale will help provide additional funding to enable investment in infrastructure and jobs.”
The deal is expected to be finalised in early 2014.