Ardian has agreed to acquire 100% of Irish utility Energia Group from I Squared Capital, a global infrastructure investor.
The transaction is expected to be completed in the first quarter of 2026, subject to customary regulatory approvals.
Energia operates across the entire energy value chain in the Republic of Ireland and Northern Ireland, serving almost 900,000 homes and businesses.
It is one of the longest established providers of renewable electricity in Ireland, supplying approximately 17% of the island’s total electricity requirements and 20% of its total wind power.
Energia combines renewables, flexible generation, and customer solutions, and has a pipeline of new wind, solar and BESS capacity.
The energy utility company has also entered into a strategic partnership with a global technology partner for the development of a 165MW data centre in Dublin and its corresponding supply of renewable energy.
Energia has been under I Squared’s ownership since 2016. Recent achievements include commissioning a green hydrogen project, expanding onshore wind and into solar, and investing in batteries and grid stability services.
Ardian said it will leverage its expertise in essential infrastructure and across the energy value chain to support Energia in its next phase of growth.
Energia chief executive Ian Thom (pictured) said: “Energia’s focus remains on transforming Ireland’s energy system by deploying renewables and other low carbon solutions at scale, while continuing to deliver secure and affordable energy to our domestic and commercial customers.
“We are grateful for I Squared’s support over the past nine years and the strong, future-ready platform we have built together.
“Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure all accelerating.
“Energia is ideally placed to meet these needs, and with Ardian’s long-term backing, we’re excited to continue scaling our business to help power this next phase of Ireland’s growth for our customers, partners and employees.”
Ardian’s co-head of infrastructure Europe and senior managing director Juan Angoitia said: “We are proud to be investing in Energia, which marks Ardian’s first investment in Ireland. We have been impressed by Energia’s strong growth and resilience in the context of a volatile energy market, and look forward to sharing our expertise to further develop its renewable generation portfolio, flexible capacity and enhance the efficiency of the whole company.”
I Squared senior partner Mohamed El Gazzar said: “This sale represents one of I Squared’s largest exits and is a testament to the hard work and dedication of the whole Energia team.”
Evercore acted as financial adviser to Ardian, while Kirkland & Ellis and Matheson provided legal counsel.
I Squared’s financial advisers were Morgan Stanley, Barclays and Santander. Legal advice for I Squared was provided by Simpson Thacher & Bartlett. Irish legal advice was provided by Arthur Cox.