Ardian has agreed to acquire 100% of Energia Group from US infrastructure investor I Squared Capital, in a deal that values the Irish energy company at about €2.75bn including debt, according to a report by the Irish Times.

The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals. Energia operates across the full energy value chain in Ireland and Northern Ireland, serving nearly 900,000 homes and businesses. It supplies about 17% of Ireland’s total electricity and 20% of its wind power.

Founded in 1999 and headquartered in Dublin, Energia is one of Ireland’s leading renewable energy companies. It is developing 657MW of solar capacity and 50MW of onshore wind projects, with long-term plans for more than 1,200MW of additional solar capacity. The company is also building a new data centre in Huntstown in partnership with Microsoft.

“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 Ian Thom, Chief Executive Officer of Energia Group. He and the existing management team will continue to lead the company under Ardian’s ownership.

William Briggs, Managing Director at Ardian, said: “Energia is at the forefront of the convergence between energy utilities and digital infrastructure. The company’s pioneering approach to combining hyperscale data centre development with new renewable energy generation will unlock significant opportunities for growth in Ireland.”

The acquisition marks Ardian’s latest major investment in European energy infrastructure. For I Squared, the sale concludes a near-decade-long ownership that began with its €1bn purchase of Energia (then Viridian) from Bahrain’s Arcapita Bank in 2016.

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