National Grid will sell Grain LNG, the liquified natural gas terminal located on Grain Island off England's southeast coast and the UK's largest LNG facility, to a consortium comprising Centrica and Energy Capital Partners (acquired by Bridgepoint in 2024) for £1.5 billion (approximately $2.04 billion). Each party will hold a 50% stake, with completion expected in the fourth quarter. Total transaction proceeds amount to £1.66 billion (including pre-closing dividends, subject to final adjustment upon completion). Grain LNG is owned and operated by two subsidiaries and secured by long-term contracts.

Centrica stated that after deducting approximately £1.1 billion in project financing, its actual investment for the 50% stake amounts to about £200 million, which will be paid with its own cash. The asset is expected to contribute approximately £100 million in annual EBITDA, supporting the company's goal of achieving £1.6 billion EBITDA by the end of 2028. Average annual cash distributions are projected at approximately £20 million from 2026 to 2028.

National Grid said the divestiture reflects its strategic focus on electricity networks and raising capital for large-scale investments. AJ Bell believes the buyers are acquiring strategically significant, inflation-linked long-term cash flows while the seller recovers capital, making the transaction attractive to both parties.