The sale is expected to close Nov. 30, subject to completion conditions and adjustments.
Source Power & Gas is a wholly owned, indirect U.S. subsidiary of ERM Power Limited of Australia, based in Sugar Land, Texas, providing service to commercial and industrial customers.
According to Direct Energy, Source Power currently serves 4,000 customers across 16,000 locations in Texas, Illinois, Ohio, New Jersey, Delaware, Maryland, Pennsylvania and the District of Columbia.
John Schultz, president, Centrica North America and District Energy Business, said the deal was consistent with the company’s North American growth strategy.
“This transaction will mark a significant step in continuing to expand our operations and customer footprint in existing markets,” he said in a prepared statement.
Direct Energy Business provides energy-related services to business customers. It has corporate offices in Woodbridge and Pittsburgh.