Centrica Joins ECP in £1.5 Billion Deal for Key LNG Terminal

Centrica Plc and Energy Capital Partners agreed to jointly purchase the UK’s Grain LNG terminal from National Grid Plc, in a £1.5 billion ($2 billion) deal that underlines the British utility’s long-term investment strategy.

Shares of Centrica rose as much as 2.8% in London trading, after the owner of British Gas said it will invest £200 million for a 50% equity stake in the facility. Infrastructure investment firm ECP will own the other half of Grain terminal, following a transaction that involves £1.1 billion of project finance debt.