In a landmark deal for Ireland’s energy sector, Ardian has announced the acquisition of Energia Group, a leading integrated utility provider, from I Squared Capital for an enterprise value of approximately $2.93 billion (€2.5 billion). The move signals Ardian’s first infrastructure investment in Ireland and underscores the growing investor appetite for clean energy and digital infrastructure in Europe. This blog unpacks the strategic motives behind the acquisition, Energia’s impressive renewable portfolio, and what this transaction means for Ireland’s green and digital future.

Ardian’s acquisition of Energia marks a pivotal moment in the company’s European infrastructure strategy. The French private investment firm aims to capture the growing energy demand spurred by Ireland’s booming data centre and digital economy. With Energia supplying power to over 900,000 customers and generating nearly 17% of the island’s electricity, Ardian gains immediate exposure to one of Europe’s most dynamic and fast-evolving energy markets.

This acquisition not only diversifies Ardian’s European portfolio but also strengthens its position in sustainable and critical infrastructure. By acquiring Energia, Ardian inherits a vertically integrated platform that spans renewable generation, flexible power plants, and cutting-edge technologies such as green hydrogen and battery storage. As Ireland accelerates its journey toward net-zero emissions, Ardian’s investment positions it at the core of this transformation.

Energia’s strength lies in its diversified and scalable energy infrastructure portfolio, totaling 3.784 GW across renewable and flexible generation assets. Its renewable credentials are impressive: 710 MW of onshore wind, 1.2 GW of solar under development, and ~1 GW of offshore wind via a joint venture with Vargronn, a partnership involving Eni’s Plenitude and HitecVision.

The company’s offshore wind ambitions — targeting 2 GW by 2030 — align seamlessly with Ireland’s national decarbonisation targets. Beyond renewables, Energia’s 847 MW flexible generation fleet, including two CCGT plants at Huntstown and battery storage sites across Ireland, ensures grid stability while accommodating intermittent renewables. Their recent entry into green hydrogen production further exemplifies a forward-thinking strategy aimed at supporting Ireland’s energy transition and industrial decarbonisation.

With Ardian’s financial and operational backing, Energia is set to execute a multibillion-euro capital expenditure plan to expand renewable capacity and modernize flexible generation assets. The partnership will accelerate projects that strengthen Ireland’s position as a hub for sustainable digital growth. Notably, Energia’s 165 MW Huntstown data centre project, designed to integrate with its own generation assets, illustrates how energy infrastructure is evolving to meet the needs of the AI and cloud economy.

For I Squared Capital, which acquired Energia in 2016 for €1 billion, this represents a record-breaking exit — achieving more than double its investment while guiding Energia through a decade of green transformation. As the deal heads toward completion in Q1 2026, all eyes will be on how Ardian leverages Energia’s capabilities to deliver on both climate and commercial goals.

Ardian’s $2.93 billion acquisition of Energia is more than a financial transaction — it’s a strategic bet on the future of Ireland’s energy ecosystem. By combining Ardian’s infrastructure expertise with Energia’s renewable portfolio and digital integration, the deal sets the stage for a new era in sustainable power.

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