A majority stake in energy supplier Pinergy has been bought by Sojitz group, the Tokyo-based multinational group, after it acquired the holdings of Pinergy's long term shareholders, the Coates family.
The change in ownership will not affect day-to-day operations at Pinergy and its key senior executives will retain a shareholding in the business.
Founder and chief executive Enda Gunnell and executive chairman Peter Bastable will continue to lead the business.
The acquisition is subject to approval from Competition and Consumer Protection Commission (CCPC).
Launched in 2013, Pinergy supplies green electricity and provides technology driven energy solutions, including solar PV installations, energy measurement, and EV charging infrastructure.
The company reported revenues of €215m for last year, a 38% increase from the previous year.
Pinergy has 10,000 commercial and 30,000 domestic customers and directly employs 141 people in Dublin & Enniscorthy.
Sojitz already holds several wind and solar energy generation investments across Europe, including wind generation assets in Ireland. It also holds a stake in Spanish energy supplier Nexus Energía, who will also take a small stake in Pinergy as part of the transaction.
Sojitz said it will continue to support Pinergy and will enable it to scale up and expand its capabilities to support its strategy and future growth plans.
It said today's investment aligns with its strategy to create, operate, and grow businesses that deliver renewable energy from generation through to the supply of electricity and green energy solutions for commercial and residential customers who are navigating the energy transition.
Enda Gunnell, CEO of Pinergy, said today's deal was a "positive milestone moment."
"This partnership will be instrumental to supporting Pinergy's growth plans and trajectory in the coming years. Together with Sojitz, we have a shared vision and ambition to become a vertically integrated supplier, enabling Pinergy to both generate and supply its own renewable energy for the benefit of our customers," he stated.
Yasushi Asano, General Manager of Sojitz’s Energy Solutions Business Dept 2, said the company has been involved in the Irish electricity market since its first investment in 2017, with a 223 MW portfolio of onshore wind projects.
"Through our participation in Pinergy, we believe that we can align renewable generation and retail businesses together to further contribute to Ireland's decarbonisation efforts," he said.
"As the stages of decarbonisation vary by country and region, Sojitz provides various energy solutions by addressing the specific demands and challenges of each area. We are committed not only to the delivery of renewable energies but also to driving 'Green Transformation' for further energy transformation with local communities," he added.
