Business Irish

Wednesday 29 January 2020

Viridian mulls flotation

Viridian owned by Bahrain-based Arcapita Bank

Energia operates the Huntstown Power Station in Dublin
Energia operates the Huntstown Power Station in Dublin

Energy firm Viridian Group is mulling a flotation, in a deal that one said could give the firm a value, including debt, of nearly £1bn.

Belfast-based Viridian emerged as a holding company in 1998, after the 1993 privatization of Northern Ireland Electricity. It now operates through its Energia and Power NI businesses and owns two gas-fired generation plants at Huntstown, north of Dublin.

Viridian, which has been owned by Arcapita Bank since 2006, reported earnings before interest, tax, depreciation and amortization of £99m in the year to the end of March on £1.6bn of revenue. Net debt stood at £582.7m.

According to Thomson Reuters data shares in UK industry peers SS&E, Centrica, Drax, United Utilities, Severn Trent and National Grid on average are currently trading on an enterprise value (EV) to prospective EBITDA multiple of 10.3.

The initial public offering (IPO) is expected to be launched before the end of the year with the listing likely to be in London, the sources said.



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