Transaction bolsters the UK’s long-term energy security and extends ECP’s history of investing in strategically vital energy infrastructure

Energy Capital Partners (“ECP”), a leading investment firm in the energy transition infrastructure sector, along with its 50/50 joint venture partner Centrica plc (“Centrica), today announced the completion of the Grain LNG acquisition from National Grid for an enterprise value of approximately £1.5 billion.

“We are thrilled to partner with Centrica, who brings a wealth of knowledge and experience in the UK energy markets, as we execute our joint vision to enhance this world-class asset, expand our customer base, and set up Grain LNG for success for decades to come,” said Matt Delaney, Partner, ECP. “With the UK and Europe’s growing need for dependable LNG supply, Grain LNG is uniquely positioned to deliver secure, affordable energy. This investment reflects ECP’s long-term commitment to supporting the energy transition by investing in strategic assets that deliver both reliability and sustainability.”

Slaughter and May acted as legal adviser to Centrica. Latham & Watkins served as legal adviser to ECP and to Garden Bidco Limited as purchaser.

Background to Grain LNG

Grain LNG is Europe’s largest LNG regasification terminal and is located at Isle of Grain, to the east of London. The core service is the provision of LNG storage and regasification capacity to primarily strong investment-grade customers under long term, inflation-linked capacity contracts. The terminal has annual regasification capacity of 21.7 bcm and tank storage capacity of 1,000,000 m³. Grain is currently undergoing an expansion of 5.3 bcm additional regasification capacity and an additional 200,000 m³ of storage capacity. After completion of the ongoing expansion of the site, it will be able to provide up to a third of the UK’s gas demand. Grain also offers additional services such as ship reloading, transshipment, and road tanker loading.

Grain is 100% contracted until 2029, >70% contracted until 2038 and >50% contracted to 2045. It is envisaged that future capacity auctions will be held on an arm’s length basis in accordance with current regulated third-party access requirements. Grain’s strategic location east of London offers efficient loading and storage capabilities and advantaged access to UK markets.

About Energy Capital Partners

Energy Capital Partners (ECP), founded in 2005, is a leading investment firm across energy transition infrastructure, with a focus on investing in electricity and sustainability infrastructure providing reliable, affordable and clean energy. In 2024, ECP combined with Bridgepoint Group to form a global leader in value-add middle-market investing, with a combined $87 billion of assets under management across private equity, credit, and infrastructure. For more information, visit www.ecpgp.com and www.bridgepoint.eu.

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