Centrica has closed a package of disposals covering multiple non-core energy solutions businesses, generating proceeds of more than A380 million. The transactions form part of the group's strategy to concentrate resources on core areas within Centrica Business and to redeploy capital into targeted opportunities across the wider group.
The company sold its energy solutions operations in Italy and the Netherlands to Joulz, which is identified as a 3i Infrastructure portfolio company. Separately, the Hungarian business left the group through a management buyout. Centrica also completed the disposal of Panoramic Power as part of the same programme of divestments.
Company leadership framed the moves as strategic portfolio pruning aimed at sharpening the focus of Centrica Business. Chris OShea, Group Chief Executive of Centrica, said the transactions reflect that strategic choice, adding that concentrating resources on core growth and innovation priorities will "better position the business to pursue new opportunities and accelerate growth in key markets."
OShea also emphasised the wider capital strategy at play, noting the groups intent to recycle proceeds from non-core assets into new investments across Centrica. "Building on our recent sales from Spirit Energy, these transactions demonstrate Centricas 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," he said.
The disposals announced and completed in this round include:
- Sale of the Italy energy solutions business to Joulz (a 3i Infrastructure portfolio company)
- Sale of the Netherlands energy solutions business to Joulz
- Management buyout of the Hungarian business
- Completion of the sale of Panoramic Power
Together, these transactions generated proceeds above A380 million and align with previous asset sales such as Spirit Energy, which the company says form part of an ongoing effort to redeploy capital into regulated and contracted opportunities across the portfolio.
This round of disposals is presented by Centrica as a mechanism to concentrate investment and managerial attention on growth and innovation within Centrica Business while funding selected long-term projects elsewhere in the group.
Summary
Centrica has sold non-core energy solutions businesses in Italy, the Netherlands and Hungary and completed the sale of Panoramic Power for over A380 million. Management says the proceeds will be reinvested into Centrica Business core priorities and longer-term regulated and contracted assets such as Sizewell C and Grain LNG, building on prior sales including Spirit Energy.