Global infrastructure investment manager I Squared Capital has agreed to acquire energy company Viridian from Arcapita.

Despite details of the acquisition’s financial terms not having been disclosed, media sources are reporting that the deal may be valued at around €1bn.

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With more than 480 employees, Viridian operates across Northern Ireland and the Republic of Ireland under two main brands Energia and Power NI.

"Viridian has 793MW of operating windfarms under long-term contracts, with the total expected to increase to 1,000MW."

The energy company currently has gas-fired combined-cycle generating technology capacity of around 747MW, as well as 225MW of onshore wind assets in operation and construction.

Viridian has 793MW of operating windfarms under long-term contracts, with the total expected to increase to 1,000MW in just over a year as other windfarms currently under construction and in-development become operational.

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I Squared Capital partner Gautam Bhandari said: "Viridian has an attractive mix of diversified businesses with significant overlap with our areas of expertise. We intend to grow Viridian with the leadership team to achieve its full potential.

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"The acquisition of Viridian is consistent with our strategy of investing in robust growth economies, such as Ireland, and within those economies selecting companies with stable cash-flows and a potential to grow the business organically and through bolt-on acquisitions."

Viridian has a 20% share of domestic electricity sales volume, in addition to a 27% share of business electricity sales volume on an all-Ireland basis.

The planned all-cash transaction is expected to complete during the second quarter of this year.