Ardian has agreed to acquire 100% of Energia Group, one of Ireland's largest energy utilities, from global infrastructure investor I Squared Capital.

The deal, expected to complete in early 2026 subject to regulatory approval, marks Ardian's first investment in Ireland and strengthens its position in the European energy and infrastructure market.

Energia operates across the full energy value chain in both the Republic of Ireland and Northern Ireland, supplying nearly 900,000 homes and businesses. It generates around 17% of the island's electricity and 20% of its total wind power, supported by a growing portfolio of renewable, flexible generation, and customer energy solutions.

The company has a proven record in developing renewable energy projects, including onshore wind, solar, and battery energy storage systems. Its project pipeline positions it to help meet Ireland's increasing demand for secure, low-carbon power as the country's digital and industrial sectors expand. Energia is also advancing a 165MW data centre project in Dublin through a strategic partnership with a global technology company, which will be powered by renewable energy sources.

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Since I Squared acquired Energia in 2016, the group has undergone major modernisation. This has included expanding its renewables capacity, commissioning a green hydrogen project, and investing in batteries and grid stability infrastructure. Energia now combines regulated and long-term contracted assets with exposure to Ireland's growing electricity demand, offering a stable foundation for future investment.

Under Ardian’s ownership, the focus will be on supporting further growth in renewable generation, enhancing grid efficiency, and advancing infrastructure that underpins Ireland’s transition to a low-carbon economy. The transaction will not affect Energia's customers, employees, or suppliers.

"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," said Ian Thom, CEO of Energia. "We are grateful for I Squared's support over the past nine years and the strong, future-ready platform we have built together."

Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director at Ardian, added: "We are proud to be investing in Energia, which marks Ardian's first investment in Ireland. The company has demonstrated its market leadership in Ireland and Northern Ireland over many years and has ambitious plans to grow, driven by secured capital projects and increasing energy demand.

"Ardian is a highly experienced investor in essential infrastructure and European utilities. 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."