Waterford renewable energy firm Enerpower acquired by global developer

The deal will see the Greenvolt Group acquire a majority stake in Enerpower's capital and subsidiary firm

Ireland’s largest solar farm, at the Eli Lilly plant at Dunderrow, near Kinsale, west Cork. The €5 million development is a joint venture between Eli Lilly and Enerpower. Drone footage by Neil Michael (23.11.21)

Renewable energy developer, Greenvolt has acquired a majority stake in Waterford firm, Enerpower in a deal with a total investment value of €25m. 

Founded in 2005, Enerpower is based on Cork Road, Waterford and works for several large clients including PepsiCo, Lidl, Pfizer and Virgin Media. 

It also has power purchase agreements (PPA) with companies such as Eli Lilly and Tesco. Last year, it installed a total capacity of 33 MW of solar capacity, a figure it estimates will grow by more than 30% during 2023.

In 2022, Enerpower announced plans to create 100 jobs as part of its three-year expansion plan to meet the increasing demand from companies for renewable energy.

As part of the agreement, the Greenvolt Group will acquire more than half of Enerpower's capital (50.24%) and 50.25% of a company dedicated exclusively to PPAs. 

The contract also includes an option to increase the shareholding to 100%, which can be exercised in 2028, with the transaction still awaiting regulatory approval. 

Enerpower's acquirer, Greevolt Group is a pan-European renewable energy firm with a presence in more than 15 countries. The firm, founded in 2021, is led by chief executive, João Manso Neto.

The firm also has a pipeline of 7.7 GW in large-scale wind and solar photovoltaic projects in a total of 15 locations, with around 2.9 GW in Ready to Built, construction or operation by the end of this year. 

The Group, listed on the main index of the Lisbon stock exchange, the PSI, also operates in the generation of energy from residual biomass in Portugal and the UK.

The firm says it aims to strengthen Enerpower's client portfolio with solutions that allow them to reduce their high electricity bills without the need for any initial investment. 

"Ireland is at the forefront of the fight against climate change," said a Greenvolt spokesperson, with CEO, João Manso Neto adding that Enerpower is "is a well-established company, with internationally renowned clients, which will now have a strengthened capacity to take advantage of the numerous opportunities in Ireland."

"The entry of the Greenvolt Group in a new market in the Distributed Generation segment not only reinforces our strategic commitment to this segment but also allows us to take another step in our strategy of developing a pan-European platform," the chief executive concluded.