US-based I Squared Capital has received multiple first-round bids for Irish energy provider Energia, with interest spanning global private equity firms and infrastructure investors.

The sale process, launched in March, is the third attempt by I Squared to divest the asset since acquiring it in 2016 for €1bn.

The business is expected to fetch up to €2.75bn, drawing bids from major players including KKR, Ardian, Asterion, and the Canada Pension Plan Investment Board (CPPIB). Japanese trading house Itochu, Australian financial group Macquarie, and Czech utility group EPH have also shown interest. CPPIB may explore a joint bid with Octopus Energy, in which it holds a stake.

Energia operates across three complementary segments: renewable energy, flexible generation, and retail supply. Despite volatile market conditions, these segments have remained resilient. The company reported EBITDA of €238.3m for the nine months to December 2024.

Energia recently secured planning approval to build a data centre in Huntstown, Dublin, in partnership with Microsoft. The firm also boasts a solar development pipeline exceeding 1,200MW, further strengthening its investment case.

I Squared previously attempted to sell Energia in 2018 and 2020 and had sold a minority stake to an undisclosed investor in 2017. The company remains headquartered in Ireland but is held through a Cayman Islands entity.

A final deal could make this one of the largest infrastructure transactions in Ireland in recent years, highlighting sustained global investor appetite for scale energy platforms with green growth potential.

Source: The Irish Times

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