Energia could be sold to SSE

Independent Irish power company Energia could be taken over by Scottish & Southern Energy (SSE) by the end of the year.

The business is to be auctioned off following a strategic review by Dresdner Kleinwort.

According to the Times, the firm is expected to sell for up to Euro 2bn.

SSE is said to be in the early stages of evaluating a takeover bid to put forward in the auction, with a view to completing the deal by the end of the year.

A source close to the situation is quoted in the publication as stating that SSE is an early favourite for the acquisition, especially since it was recently asserted that the firm hoped to expand into Ireland by SSE chief executive Ian Marchant.

Meanwhile, Viridian, SSE’s mother company, recently acquired Eco Wind Power from Treasury Holdings.

Action inspires action. Stay ahead of the curve with sustainability and energy newsletters from edie