Ardian has signed a definitive agreement to acquire 100% of Energia Group from I Squared Capital, with the transaction expected to close in the first quarter (Q1) of 2026, pending regulatory approvals.
The financial details of the deal have not been disclosed.
Energia operates throughout the entire energy value chain in both the Republic of Ireland and Northern Ireland, providing services to nearly 900,000 homes and businesses.
It provides around 17% of the total electricity needs for the island of Ireland and contributes 20% to its overall wind power supply.
Energia is stated to have a robust pipeline for wind, solar, and battery energy storage systems and is strategically positioned to address Ireland's growing demand for secure, low-carbon electricity.
It has partnered with a global technology company to develop a 165MW data centre in Dublin, further cementing its role in the energy transition.
Since being acquired by I Squared in 2016, Energia has experienced a transformation into a “modern and diversified utility”.
This evolution is supported by a pipeline of renewable energy projects, new customer solutions, and essential grid infrastructure.
The company has commissioned a green hydrogen project, expanded into onshore wind and solar, and invested in batteries and grid stability services.
Energia's earnings are a mix of regulated and long-term contracted earnings, alongside exposure to growing electricity demand in Ireland, stated Ardian.
Ardian plans to leverage its expertise in infrastructure and energy to support Energia's growth, particularly in renewables and data centres.
Energia CEO Ian Thom said: “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.”
The transaction is said to have no effect on Energia’s customers, employees, partners, or suppliers.
Ardian managing director William Briggs said: “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.”
