Dáil Éireann Debate, Wednesday - 26 February 2014
25. Deputy Dara Calleary asked the Minister for Public Expenditure and Reform the total proceeds that will accrue from the sale of Bord Gáis Energy; the way these funds will be deployed; and if he will make a statement on the matter. [9447/14]
View answerAs I have previously informed the House, a consortium comprising Centrica plc, Brookfield Renewable Power Inc and iCON Infrastructure has been selected as preferred bidder for Bord Gáis Energy on the basis of a bid that puts an enterprise value of up to €1.12bn on the business. As the sale agreements have yet to be finalised, it would be inappropriate for me to comment in further detail, but the terms of the sale will be outlined in due course when the deal has been signed.
In relation to the use to which these funds will be put, the House will be aware of the Government's consistent position that the funds released from asset disposals should be used, in one form or another, to support job creating initiatives in the economy. At Budget time, I factored a total of €110m into the Estimates for 2014 in respect of projects supported from the sale of State assets. €45m of this will fund part of the advance works associated with the new PPP Programme. Specifically, €25m will be spent on the Grangegorman project and €20m on road PPPs. The remaining €65m will be spent on the continued roll-out of the additional Exchequer investment projects announced in 2013 (€25m on Energy and €40m on Schools). Additional elements of this Stimulus Plan will be rolled out as the various asset sale transactions are completed and monies are available.
