iCON, Centrica and Brookfield acquire Irish gas distribution firm
iCON Infrastructure announced yesterday that it has entered into an agreement to acquire 100% of firmus energy from Bord Gáis Éireann, the Irish state-owned energy company. The transaction forms part of the wider acquisition of Bord Gáis Energy by a consortium comprising iCON Infrastructure Partners II. L.P., Centrica plc and Brookfield Renewable Energy Partners L.P..
firmus energy was awarded licenses for the development of a regulated natural gas distribution network by the Northern Ireland Authority for Utility Regulation in 2005. Since then, firmus energy’s gas distribution network has grown across many of the key towns and cities outside of greater Belfast in Northern Ireland to approximately 870km of gas pipelines, with connections to over 20,000 customers. firmus energy also operates an energy supply business across Northern Ireland providing gas and electricity to over 65,000 residential, commercial and industrial customers.
iCON Infrastructure has significant experience owning and managing core infrastructure businesses, including regulated utilities in the United Kingdom and overseas. iCON Infrastructure’s current portfolio includes Mountaineer Gas Company, the largest gas distribution network and supply company in West Virginia, USA, and Porterbrook, one of the three major railway rolling stock leasing companies in the UK. iCON Infrastructure funds have also previously owned Sutton & East Surrey Water, a regulated water utility in the South of England.
Paul Malan, Senior Partner of iCON Infrastructure LLP, said:
“firmus energy has been instrumental in making natural gas available to the people of Northern Ireland over the past decade. During this period, the team at firmus energy has built a dynamic and reliable gas utility business that emphasises efficiency and quality of service to its customers and provides exciting career opportunities for its employees. We are privileged to have been selected as the owner of firmus energy and look forward to supporting the continued growth of the business and the energy industry in Northern Ireland.”