Investment firm Ardian has announced a definitive agreement to acquire 100% of Energia Group from I Squared Capital. Energia is one of Ireland’s largest energy utilities, serving nearly 900,000 homes and businesses across the Republic of Ireland and Northern Ireland. The transaction is expected to close in the first quarter of 2026, pending regulatory approvals.
Energia has long been a key player in Ireland’s renewable energy landscape, supplying around 17% of the island’s total electricity and 20% of its wind power. The company operates across the whole energy value chain, combining renewable generation, flexible power solutions, and customer-facing services. Its portfolio includes a pipeline of wind, solar, and battery energy storage system (BESS) projects, positioning it to meet Ireland’s rising demand for secure, low-carbon electricity—especially as the country’s digital economy continues to expand.
A notable recent development includes Energia’s strategic partnership with a global technology firm to build a 165MW data center in Dublin, powered by renewable energy. This move further cements Energia’s role in supporting Ireland’s energy transition and digital infrastructure.
Since acquiring Energia in 2016, I Squared Capital has overseen a significant transformation of the company. Under its ownership, Energia expanded its renewable footprint, launched a green hydrogen initiative, and invested in grid stability technologies. Today, the company offers a blend of regulated and long-term contracted earnings, along with exposure to Ireland’s structural growth in electricity demand.
Ardian’s acquisition signals strong confidence in Energia’s strategic direction and future potential. The firm plans to leverage its expertise in infrastructure and renewable energy to support Energia’s next phase of growth. Ardian also brings experience in developing and managing data centers, which aligns with Energia’s evolving role in powering digital infrastructure.
The deal will not affect Energia’s customers, employees, partners, or suppliers. The company remains committed to delivering reliable energy solutions and advancing Ireland’s sustainable energy objectives.
KEY QUOTES:
“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.”
Ian Thom, CEO of Energia
“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.”
Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director, Ardian
“Energia is at the forefront of the convergence between energy utilities and digital infrastructure. The company’s pioneering approach to combining hyperscale data center 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.”
William Briggs, Managing Director, Ardian
“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 USD 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.”
Mohamed El Gazzar, Senior Partner, I Squared Capital
