Irish energy firm Viridian Group has said it has made no decision to proceed with a floation of the company.

This follows reports from Reuters which said that its owner - Bahrain-based Arcapita Bank - has hired JP Morgan to lead a share listing for Viridian.

Sources familiar with the matter said a deal could give the firm a value, including debt, of nearly £1 billion, Reuters said.

However, an official at Viridian said today that the company "regularly work with a range of banks, including JPM, to assist with financing and strategic options." 

"We have made no decision to proceed with an IPO and JPMorgan have not been appointed as a global co-ordinator," the company added.

Belfast-based Viridian emerged as a holding company in 1998, after the 1993 privatisation of Northern Ireland Electricity.

It now operates through its Energia and Power NI businesses and owns two gas-fired generation plants at Huntstown, in Co Dublin.

Viridian, which has been owned by Arcapita Bank since 2006, reported earnings before interest, tax, depreciation and amortisation of £99m in the year to the end of March on £1.6 billion of revenue. Net debt stood at £582.7m.