Macquarie Asset Management has agreed to acquire 100% of Erova Energy, a UK- and Ireland-based renewable asset optimisation company, as it looks to expand its role in Europe’s energy transition.
Erova provides a range of services to renewable energy producers, including power purchase agreements (PPAs), market access, balancing services, and energy supply logistics. The company supports wind, solar, waste-to-energy, and battery storage assets, and recently entered the renewable energy supply market for industrial and commercial customers in Ireland through Erova Energy Supply.
“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,” said Rishil Patel, senior managing director at Macquarie. “This is a strategic acquisition for Macquarie that will help unlock barriers to Erova’s growth.”
The deal comes as governments in Ireland and the UK aim to decarbonise their electricity systems by 2030, with rising demand for sophisticated energy trading and asset management services.
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,” said Nick Williams, co-chief executive at Erova. “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 liquidity presents a highly attractive proposal for both our existing and new renewable asset owners.
Erova currently operates out of Dublin and London, and will continue to do so following the acquisition. The company is partially owned by its four founders—who will remain in senior management—and by Japanese conglomerate Mitsui & Co., Ltd. The transaction is subject to customary closing conditions.
