French investment firm Ardian is buying one of Ireland's largest energy utilities Energia Group in a deal that values the firm at more than €2.5 billion, betting on a power supplier poised to serve the surging artificial intelligence industry.
Ardian has agreed to buy Energia Group from infrastructure investment firm I Squared Capital. I Squared Capital had acquired the company in 2016 for €1 billion.
The companies said today's deal will have no impact on Energia's customers, employees, partners or suppliers, adding that Energia remains committed to delivering on its strategy and supporting Ireland's sustainable energy future.
The deal underscores surging investor interest in data centres that cater to the booming market for AI tools and power their growing adoption across the globe.
BlackRock-owned Global Infrastructure Partners is nearing a deal to acquire Aligned Data Centers that could value the data centre operator at around $40 billion, two people familiar with the matter told Reuters last week.
Energia represents Ardian's first deal in Ireland.
Energia owns onshore wind farms with a capacity of 358 mega watts, supplies gas and electricity to over 898,000 clients and employs 1,117 people, according to its website. It supplies about 17% of the island of Ireland's total electricity requirements and 20% of its total wind power.
"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," its CEO Ian Thom said.
"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," he 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," Juan Angoitia, Ardian's co-head of infrastructure Europe and senior managing director said.
"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, " he added.
