CK Infrastructure Holdings Ltd. (CKI) and a consortium led by Ontario Municipal Employees Retirement System (OMERS) alongside Igneo Infrastructure Partners have emerged as the final bidders for one of Europe’s largest liquefied natural gas (LNG) terminals—Grain LNG—currently being sold by National Grid Plc, according to people familiar with the matter.
The Hong Kong-based CKI and the OMERS-Igneo consortium are now in the last round of bidding for the Grain LNG terminal, located at the Isle of Grain in the UK. A successful deal could value the asset at approximately £2 billion ($2.7 billion). Sources also indicated that an earlier bidding group led by Centrica Plc has withdrawn from the process.
National Grid is targeting an agreement with a buyer as early as August. The sales process initially attracted interest from around 20 parties, underlining the strategic importance of the asset in Europe’s energy infrastructure landscape.
Deliberations are ongoing, and the final contenders may still decide against submitting formal offers. Representatives for Centrica, Igneo, OMERS, and National Grid declined to comment, while CKI has not responded to requests for comment.
The planned divestment of Grain LNG aligns with National Grid’s broader strategy to finance its ambitious infrastructure investment program, aimed at supporting the UK’s net-zero emissions target. With the growing electrification of transport and industry, alongside surging renewable energy deployment, National Grid is under increasing pressure to expand and modernize its transmission networks.
In May, National Grid reported a 20% increase in critical energy infrastructure spending, reaching nearly £10 billion in the year through March. The company is also pursuing a £60 billion investment roadmap to upgrade its networks in both the UK and the United States.