Macquarie, through its Commodities and Global Markets group, has reached an agreement to acquire 100% of Erova Energy Group, a leader in renewable asset optimization and management. This acquisition will strengthen Macquarie’s capabilities in the expanding European renewable energy sector.
Erova operates in Ireland and the UK, offering essential services for renewable energy assets, including wind, solar, waste-to-energy, and battery storage. Their services include power purchase agreements (PPAs), market access, and meter registration. Erova has also begun supplying renewable energy to industrial and commercial clients in Ireland.
As demand for renewable energy increases, companies like Erova are crucial for mitigating price risks and enhancing operational efficiency. Following a decade of growth, Erova is poised for further expansion, supported by Macquarie’s investment and expertise.
Following the acquisition, Erova will continue to operate in Dublin and London. The company’s four founders will remain part of the senior management team, and the transaction is subject to customary closing conditions.
KEY QUOTES:
“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.”
Rishil Patel, Senior Managing Director at Macquarie
“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 liquidity1 presents a highly attractive proposal for both our existing and new renewable asset owners.”
Nick Williams, Co-CEO at Erova
