Ardian, a global investment house, has struck a deal to acquire Energia Group, Ireland’s long-standing energy utility, from I Squared Capital. The transaction, valued at an undisclosed amount, is expected to close in the first quarter of 2026, pending regulatory approvals.
Energia, which operates across the entire energy value chain in the Republic of Ireland and Northern Ireland, serves nearly 900,000 homes and businesses. The company is a significant player in Ireland’s renewable energy sector, supplying approximately 17% of the island’s total electricity and 20% of its wind power. Energia’s portfolio includes renewables, flexible generation, and customer solutions, with a pipeline of new wind, solar, and battery energy storage system (BESS) capacity.
Under I Squared’s ownership since 2016, Energia has made strides in expanding its renewable energy portfolio and investing in innovative projects. Notably, the company has commissioned a green hydrogen project, expanded its onshore wind and solar capacity, and invested in batteries and grid stability services. Energia has also entered into a strategic partnership for the development of a 165MW data centre in Dublin, with a corresponding supply of renewable energy.
Ardian, with its expertise in essential infrastructure and the energy value chain, aims to support Energia’s growth in its next phase. “We are proud to be investing in Energia, which marks Ardian’s first investment in Ireland,” said Juan Angoitia, Ardian’s co-head of infrastructure Europe and senior managing director. “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.”
Energia’s chief executive, Ian Thom, expressed gratitude for I Squared’s support and highlighted the company’s role in transforming Ireland’s energy system. “Energia’s focus remains on deploying renewables and other low carbon solutions at scale, while continuing to deliver secure and affordable energy to our domestic and commercial customers,” Thom said. He added that Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure. “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.”
The transaction, one of I Squared’s largest exits, underscores the company’s successful investment strategy. “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,” said Mohamed El Gazzar, senior partner at I Squared.
The deal could signal a shift in the Irish energy market, with Ardian’s entry potentially spurring further investment in renewable energy and infrastructure. As Ireland accelerates its transition to a low-carbon economy, Energia’s expanded portfolio and strategic partnerships may position the company as a key player in the country’s energy future. The transaction also highlights the growing interest of global investors in Ireland’s energy sector, driven by the country’s commitment to renewable energy and the increasing demand for digital infrastructure.