Ardian, a global private investment firm, has signed a definitive agreement to acquire 100% of Energia Group from I Squared Capital, a leading global infrastructure investor. The deal, expected to close in Q1 2026 pending regulatory approvals, positions Energia for continued investment in renewable generation, grid infrastructure, and customer energy solutions across Ireland and Northern Ireland.

A key player in the Irish energy market, Energia operates across the full energy value chain, supplying power to nearly 900,000 homes and businesses. The company provides around 17% of Ireland’s total electricity and 20% of its wind power, making it one of the island’s longest-established renewable electricity providers. Energia’s portfolio combines onshore wind, solar, battery energy storage systems (BESS), and flexible generation, supported by a robust pipeline of new renewable projects.

Energia is also advancing innovation at the intersection of energy and digital infrastructure. The group recently entered a strategic partnership with a global technology company to develop a 165 MW data center in Dublin, powered by renewable energy — a move that underscores its leadership in sustainable energy solutions for Ireland’s expanding digital economy.

Under I Squared’s ownership since 2016, Energia has transformed into a modern, diversified utility, expanding its renewable capacity, commissioning a green hydrogen project, and investing in battery storage and grid stability services. Today, the company offers a blend of regulated and long-term contracted assets alongside exposure to Ireland’s growing electricity demand, driven by rapid electrification and data infrastructure development.

“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, CEO of Energia. “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 Ardian, the acquisition signals confidence in Ireland’s renewable potential. “We are proud to be investing in Energia, which marks Ardian’s first investment in Ireland,” said Juan Angoitia, Co-Head of Infrastructure Europe & Senior Managing Director at Ardian. “Energia has demonstrated strong growth and resilience and is ideally positioned to expand its renewable generation portfolio and flexible capacity.”

William Briggs, Managing Director at Ardian, highlighted Energia’s role at “the forefront of the convergence between energy utilities and digital infrastructure,” noting that the company’s integrated approach to data center development and renewable generation will unlock significant growth opportunities.

For I Squared, the transaction represents one of its largest exits to date. “Since our initial investment in 2016, I Squared has deployed over USD 3 billion in portfolio companies with Irish operations, underscoring our deep confidence in Ireland’s economy and supportive investment environment,” said Mohamed El Gazzar, Senior Partner at I Squared Capital.

The acquisition will not affect Energia’s customers, employees, or partners. The company will continue to deliver on its strategy to provide secure, affordable, and low-carbon energy, further solidifying its position as a key enabler of Ireland’s energy transition and decarbonization goals.