French investment firm Ardian to take over Energia in deal valued at €2.5bn

Energia has almost 900,000 customers across the island of Ireland

Ian Thom, CEO Energia Group. Energia will be taken over by Ardian. Picture: Shane O'Neill, Coalesce.

French private investment firm Ardian has announced it will take over energy provider Energia from I Squared Capital, in a deal believed to be worth €2.5bn.

Energia operates the 32 counties, serving almost 900,000 homes and businesses. It has offices in Dublin, Belfast, Antrim, and Omagh, and employs over 1,100 people. The firm supplies approximately 17% of the island of Ireland’s total electricity requirements and 20% of its total wind power. Energia has also entered into a strategic partnership with a global technology partner for the development of a 165MW data centre in Dublin.

Ardian manages or advises $192bn (€164bn) of assets on behalf of more than 1,850 clients globally. Monday's announcement marks Ardian’s first investment in Ireland. "The company’s pioneering approach to combining hyperscale data centre development with new renewable energy generation, will unlock significant opportunities for growth in Ireland. We look forward to working with the management team on their ambitious plans to support the decarbonisation of the entire economy," said Ardian chief executive William Briggs. 

I Squared bought Energia in 2016 for around €1bn. The transaction is expected to be completed in the first quarter of 2026, subject to regulatory approval, and will have no immediate impact on Energia’s customers. 

“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 to our domestic and commercial customers," said Energia chief executive Ian Thom. "We are grateful for I Squared’s support over the past nine years and the strong, future-ready platform we have built together.”  

“Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure all accelerating. Energia is ideally placed to meet these needs, and 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 our customers, partners and employees.”