New Energia owner I Squared Capital plots expansion

The international fund that is completing the €1 billion buyout of Viridian — which owns the Energia and NI Power firms across Ireland — is seeking out more opportunities to acquire energy assets here, in a move that may likely heighten competition in the Republic.

I Squared Capital, which controls a global $3.8 billion (€3.4bn) fund of which most of which is invested in the US, India and China, is in the process of closing a deal to buy the Belfast-based group from Arcapita.

Viridian sells electricity and gas to retail and business customers, and owns the Huntstown power station in north- west Dublin, as well as wind farms across the country.