Overview

• Ardian signed a definitive agreement to buy 100% of Energia Group from I Squared Capital, with closing expected in Q1 2026 pending regulatory approvals.
• Neither party disclosed price terms, but the Financial Times reported a valuation of roughly €2.5 billion.
• Energia supplies around 17% of Ireland’s electricity and 20% of its wind power, serving nearly 900,000 customers across the Republic and Northern Ireland.
• The utility owns Dublin’s Huntstown power station, operates 358 MW of onshore wind with 50 MW under construction, is building a Microsoft-adjacent data center, and has a partnership to develop a 165 MW Dublin facility supplied by renewables.
• Ardian says this is its first investment in Ireland and plans to grow the business, while Energia and Ardian state the deal will not affect customers, employees, partners, or suppliers; I Squared calls the sale one of its largest exits since acquiring the company in 2016.