Centrica announces sale of European energy solutions businesses and Panoramic Power

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Centrica announces that it has completed the disposal of a number of non-core energy solutions businesses.

The energy solutions businesses in Italy and the Netherlands have been sold to Joulz, a 3i Infrastructure portfolio company, and the Hungarian business has been disposed of via a management buyout. The Company has also finalised the sale of Panoramic Power. Total proceeds from the transactions are over £80 million.

Chris O’Shea, Group Chief Executive of Centrica, said: “These transactions reflect a strategic decision to focus our resources on Centrica Business’s core growth and innovation priorities which will better position the business to pursue new opportunities and accelerate growth in key markets.

“Building on our recent sales from Spirit Energy, these transactions demonstrate Centrica’s commitment to recycling capital from non-core assets into new investment opportunities across the group, including long-term regulated and contracted assets such as Sizewell C and Grain LNG.”