British Gas owner Centrica purchases ENER-G Cogen for £145m
British Gas-owner Centrica has announced that it has agreed to buy ENER-G Cogen International from ENER-G Holdings PLC for £145m.
ENER-G Cogen is a supplier and operator of combined heat and power products. It has around 1,400 units totalling over 500 megawatts under contract with a growing customer book, Centrica said.
The firm operates predominantly in the UK, but also has operations in the US, Hungary, Italy, the Netherlands and Romania. It also has sales partnerships with local entities in Australia, Ireland, Japan, Canada and Turkey.
Centrica said it expects the acquisition to immediately contribute to its cash flow and earnings. It will be used to form part of its new international distributed energy & power business.
"We are building an international Distributed Energy & Power business, as demand for CHP products and other distributed energy technologies grow. This acquisition strengthens our delivery capability, both in the UK and internationally," said chief executive Iain Conn in a statement.