French private equity firm Ardian has announced an agreement to acquire Energia Group, one of Ireland’s leading utility providers, in a deal valued at over €2.5 billion ($2.94 billion) including debt. The acquisition marks a significant move by Ardian into the renewable energy sector and strengthens its presence in both the Republic of Ireland and Northern Ireland.
Energia Group operates across the entire energy value chain — from power generation and supply to distribution. With a robust portfolio of wind and solar assets, as well as a growing customer base, the company plays a key role in Ireland’s energy transition. Energia is particularly known for its investments in onshore wind farms, including the Drumlins Park Wind Farm in Monaghan, and has been expanding its focus on data centers and energy-efficient infrastructure.
Ardian is purchasing Energia from I Squared Capital, a U.S.-based infrastructure investor that has owned the company since 2016. The deal, which reflects the growing investor interest in clean energy and utility assets, is expected to close in the first quarter of 2026, pending regulatory approvals.
“This acquisition is aligned with Ardian’s long-term strategy to support the decarbonization of critical infrastructure,” a spokesperson for the firm said. “Energia’s established footprint in renewables and its innovation in powering data centers makes it a highly strategic addition to our energy portfolio.”
The transaction underlines the attractiveness of energy utilities with strong clean energy assets, especially as Europe continues to push for a carbon-neutral future. With Ireland targeting 80% renewable electricity by 2030, Energia’s operations are well-positioned to benefit from government incentives and market demand.
I Squared Capital’s exit comes after nearly a decade of ownership during which Energia expanded its generation capacity and digital transformation. Industry analysts note that the nearly €3 billion valuation reflects not only the company’s physical infrastructure but also its future potential in servicing Ireland’s growing electricity needs — especially in light of increasing data center development.
The deal also highlights the trend of private equity investment in infrastructure, particularly in stable and regulated markets like energy. Ardian, with over $150 billion in assets under management, continues to prioritize sustainable investments globally.
Once finalized, the acquisition is expected to accelerate Energia’s growth, enhance Ardian’s renewable platform, and contribute significantly to Ireland’s clean energy ambitions.
