Ardian signs agreement with I Squared Capital to acquire Energia Group

The transaction is expected to be complete in 1Q26, 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 of Ireland’s total electricity requirements and 20% of its total wind power. Energia combines renewables, flexible generation, and customer solutions, and has a strong track record of renewable energy developments, with an attractive pipeline of new wind, solar, and battery energy storage system (BESS) capacity.

The Group is well positioned to meet Ireland’s increasing demand for secure, low-carbon electricity to sustainably power the country’s growing digital economy. Energia has also entered into a strategic partnership with a global technology partner for the development of a 165 MW data centre in Dublin and its corresponding supply of renewable energy, solidifying its leadership in the energy transition.

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 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.

Ardian’s acquisition reflects long-term confidence in Energia’s strategic position and future growth. Energia 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 developing and managing renewables platforms, alongside its track record in data centres.

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.

Ian Thom, CEO of Energia, commented: “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.”

Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director, Ardian, added: “We are proud to be investing in Energia, which marks Ardian’s first investment in Ireland. The company has demonstrated its market leadership in Ireland and Northern Ireland over many years and has ambitious plans to grow, driven by secured capital projects and increasing energy demand. Ardian is a highly experienced investor in essential infrastructure and European utilities. 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.”

William Briggs, Managing Director, Ardian, noted: “Energia is at the forefront of the convergence between energy utilities and digital infrastructure. The company’s pioneering approach to combining hyperscale data centre development with new renewable energy generation, will unlock significant opportunities for growth in Ireland. We look forward to working with the management team on their ambitious plans to support the decarbonisation of the entire economy.”

Mohamed El Gazzar, Senior Partner, I Squared Capital, concluded: “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. Since our initial investment in Energia in 2016, I Squared has deployed over US$3 billion in portfolio companies with Irish operations, underscoring our deep confidence in Ireland’s economy and supportive investment environment. Ireland continues to attract leading global companies and offers exceptional opportunities for infrastructure investors like I Squared. We remain committed to Ireland and look forward to building on our strong track record of investing in its growth and innovation.”

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