Ardian, a world-leading private investment firm, has entered into a definitive agreement to acquire 100% of Energia Group, one of the largest energy utilities on the island of Ireland, from I Squared Capital. The transaction is expected to be completed in Q1 2026, subject to customary regulatory approvals.

Company Profile and Operations

Energia Group operates across the entire energy value chain in the Republic of Ireland and Northern Ireland, serving almost 900,000 homes and businesses. The company is one of the longest-established providers of renewable electricity in Ireland, supplying approximately 17% of the island of Ireland's total electricity requirements and 20% of its total wind power.

The Group primarily operates across three business units: Renewables, Flexible Generation, and Customer Solutions. Energia owns and operates 16 wind farms on the island, with two further projects almost complete, and also has two gas-fired power stations in north County Dublin that are critical to the security of supply. The company meets its customers' energy needs through its two retail brands, Energia and Power NI.

With offices in Dublin, Belfast, Antrim, and Omagh, Energia employs over 1,100 people and is one of only a select few companies to have achieved the Business Working Responsibly mark from Business in the Community, the leading independently audited standard for CSR and Sustainability in Ireland.

Strategic Positioning and Growth Plans

Energia combines renewables, flexible generation, and customer solutions, and has a strong track record of successful renewable energy developments, with an attractive pipeline of new wind, solar, and BESS capacity. The Group is well-positioned to meet Ireland's growing demand for secure, low-carbon electricity, which will sustainably power the country's expanding digital economy.

The company has entered into a strategic partnership with a global technology partner for the development of a 165MW data center in Dublin, along with its corresponding supply of renewable energy. Under I Squared's ownership since 2016, Energia has undergone a significant transformation into a modern, diversified utility underpinned by a strong renewables pipeline, modern customer solutions, and critical grid infrastructure.

This transformation included commissioning a green hydrogen project, expanding onshore wind and into solar, and investing in batteries and grid stability services. Energia today offers a combination of regulated and long-term contracted earnings, alongside exposure to Ireland's strong structural growth in electricity demand.

Investment Rationale and Future Plans

Ardian's acquisition reflects long-term confidence in Energia's strategic position and future growth. The company combines the earnings stability of regulated and contracted assets with exposure to structural growth in demand, with highly secured projects ready to meet rapidly increasing energy demand. Ardian will leverage its expertise in essential infrastructure and across the energy value chain to support Energia in its next phase of growth, particularly through its experience in developing and managing renewable energy platforms, alongside its track record in data centers.

The acquisition marks Ardian's first investment in Ireland. The transaction will have no impact on Energia's customers, employees, partners, or suppliers. The company remains committed to delivering on its strategy and supporting Ireland's sustainable energy future.

Management and Investor Commentary

Ian Thom, CEO of Energia, stated that the company'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 domestic and commercial customers. He expressed gratitude for I Squared's support over the past nine years and the strong, future-ready platform built together.

Thom noted that Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure all accelerating. He emphasized that Energia is ideally placed to meet these needs, and with Ardian's long-term backing, the company is excited to continue scaling its business to help power Ireland's next phase of growth.

Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director at Ardian, expressed pride in investing in Energia, highlighting the company's market leadership in Ireland and Northern Ireland over many years and its ambitious plans to grow, driven by secured capital projects and increasing energy demand. He noted Ardian's impression of Energia's strong growth and resilience in the context of a volatile energy market.

William Briggs, Managing Director at Ardian, emphasized that Energia is at the forefront of the convergence between energy utilities and digital infrastructure. He highlighted the company's pioneering approach to combining hyperscale data center development with new renewable energy generation, which will unlock significant growth opportunities in Ireland.

Mohamed El Gazzar, Senior Partner at I Squared Capital, described the sale as one of I Squared's largest exits and a testament to the hard work and dedication of the whole Energia team. He noted that since the initial investment in Energia in 2016, I Squared has deployed over USD 3 billion in portfolio companies with Irish operations, underscoring deep confidence in Ireland's economy and supportive investment environment.

The transaction involved multiple advisory firms, with Ardian advised by Evercore as financial adviser, Kirkland & Ellis and Matheson for legal matters, and Alvarez & Marsal for financial, tax, technical, and environmental due diligence. I Squared's financial advisers were Morgan Stanley, Barclays, and Santander, with legal advice provided by Simpson Thacher & Bartlett and Arthur Cox for Irish legal matters.

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