Macquarie has reached an agreement to acquire 100% of renewable asset optimisation company Erova Energy.
Erova operates in Ireland and the UK, with capabilities across Europe. It services a portfolio of wind, solar, waste-to-energy and battery storage assets with power purchase agreements (PPAs), market access and balancing services.
More recently, Erova expanded into renewable energy supply for industrial and commercial customers in Ireland through Erova Energy Supply.
Erova works to help renewable energy companies manage price risk, enhance operational efficiency and meet grid requirements.
Following a decade of growth in Ireland and the UK, Macquarie believes Erova has significant potential to scale its platform in existing markets and internationally as the energy transition gathers pace.
Senior managing director Rishil Patel said: “Erova is uniquely positioned in its ability to offer four key services to clients including PPAs, route to market, balancing services, and energy supply logistics. This is a strategic acquisition for Macquarie that will help unlock barriers to Erova’s growth.”
Nick Williams, co-chief executive at Erova, said: “Given the UK and Irish governments’ ambitions to have substantially all energy generation from clean power by 2030, we believe demand for innovative renewable asset trading services will continue to grow.
“Bringing together Erova’s existing platform, and our highly skilled and experienced team, and combining it with Macquarie’s balance sheet strength, access to capital and market-leading access to power trading liquidity presents a highly attractive proposal for both our existing and new renewable asset owners.”
Following the acquisition by Macquarie, Erova will continue to operate from offices in Dublin and London.
Erova is currently partly owned by its four founders, who will remain part of the senior management team, and by Mitsui & Co., Ltd. The transaction is subject to closing conditions.