British Gas has acquired the remaining 81% of Econergy Ltd (‘Econergy’) for £6.5 million in cash, adding to its existing 19% holding.
Econergy is a market leader in biomass heating, which uses renewable energy sources for combustion to produce heat. Econergy offers a complete design, installation and energy services package to domestic properties, businesses and public sector customers. The acquisition supports British Gas’s strategy of helping customers to reduce their carbon emissions through a portfolio of renewable technologies.
The Government's confirmation of the levels of support for the Renewable Heat Incentive, announced last month, underpins the growth opportunities for biomass heating, which Econergy, as market leader, is well positioned to lead in.
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Notes to editors
- Centrica plc acquired an initial 19% stake in Econergy in April 2009.
- Centrica plc is acquiring an 81% stake in Econergy Ltd through its wholly-owned subsidiary GB Gas Holdings Ltd.