The ESB today completed a €1.4 billion deal to buy Northern Ireland Electricity.
The agreement finalises plans announced in July for the electricity company to take over the northern business.
ESB chief executive Padraig McManus said the company was determined to meet commitments to green energy.
“We are delighted with the acquisition of NIE, an efficient and successful company,” he said.
“ESB is committed to making the capital investment required to match future growth in the economy and to meet the Northern Ireland government’s targets in relation to the development of renewable energy.”
Under the terms of the deal, NIE will continue to operate as a stand-alone business with its own brand and identity.
Viridian Group chairman Patrick Haren said the sell-off would see NIE provide more renewable energy to customers.
The Viridian Group is owned by Bahrain investment bank Arcapita.
The deal also sees ESB acquiring associated companies of NIE, including NIE Powerteam Limited and Powerteam Electrical Services (UK) Limited, which provide electrical construction and maintenance services.
The NIE Group employs about 1,300 staff.
Founded in 1927, ESB is one of Ireland’s leading companies with an annual revenue of more than three billion euro and about 6,800 employees. It has embarked on a €22 billion investment strategy to make the company carbon-neutral by 2035.
PA