French investment firm Ardian has agreed to acquire 100% of Energia Group, a major Irish energy utility, from global infrastructure investor I Squared Capital, the companies said on Monday.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals. Financial terms of the deal were not disclosed.
Energia operates across the full energy value chain in both the Republic of Ireland and Northern Ireland, serving nearly 900,000 residential and business customers. It supplies around 17% of the island’s total electricity demand and 20% of its wind power.
The company, which combines renewable energy generation, flexible power capacity, and customer solutions, has a development pipeline that includes wind, solar, and battery energy storage systems (BESS). Energia is also developing a 165MW data centre in Dublin in partnership with a global technology firm, which will be powered by renewable energy.
“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,” said Energia chief executive Ian Thom.
“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.”
Energia has been owned by I Squared Capital since 2016. During that period, the company expanded its onshore wind operations, entered the solar market, commissioned a green hydrogen project, and invested in grid stability and battery storage services.
Juan Angoitia, Ardian’s co-head of infrastructure Europe, said the acquisition marks the firm’s first investment in Ireland.
“We have been impressed by Energia’s strong growth and resilience in a volatile energy market,” he said.
“We look forward to supporting the company as it further develops its renewable generation portfolio and enhances operational efficiency.”
I Squared described the transaction as one of its largest exits to date.
“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.
Advisers on the deal included Evercore for Ardian, with legal counsel from Kirkland & Ellis and Matheson. I Squared was advised by Morgan Stanley, Barclays and Santander, with legal advice from Simpson Thacher & Bartlett and Arthur Cox.
