In a significant development highlighting the intersection of energy infrastructure and artificial intelligence, French private equity firm Ardian has announced its acquisition of the Irish utility company Energia Group for over €2.5 billion from U.S.-based I Squared Capital. This marks Ardian’s debut investment in Ireland and demonstrates the increasing investor interest in utilities that can support the rapidly evolving AI-driven industries.
Energia, which ranks among the largest energy suppliers in Ireland, caters to around 900,000 residential and business customers, contributing approximately 17% of the country’s electricity and 20% of its wind energy production. Originally purchased by I Squared for €1 billion in 2016, Energia has played a pivotal role in Ireland’s transition to renewable energy, primarily supplying sustainable power to data centers reliant on AI technologies.
This acquisition aligns with Ardian’s strategy to enhance its European infrastructure investments, especially within sectors that link clean energy with digital transformation. The firm, which also has stakes in significant enterprises like Germany’s EWE and London’s Heathrow Airport, considers Energia crucial for providing low-carbon, dependable energy solutions necessary for supporting Ireland’s expanding digital economy.
As part of this plan, Ardian intends to fund a multibillion-euro initiative to boost renewable energy capacity and improve Ireland’s generation efficiency. The focus will be on adopting large-scale renewable solutions to meet Ireland’s rising energy and data demands efficiently.
In conjunction with this acquisition, Energia has recently received approval to develop an €87 million data center at its Huntstown Power Station in Dublin, in collaboration with Microsoft. This project signifies how utilities are increasingly becoming vital players in enabling the AI economy.
For I Squared Capital, this divestment represents its most substantial sale to date, yielding a strong return on its initial investment. Over the nearly ten years of ownership, I Squared significantly reduced Energia’s debt and expanded its renewable energy resources while receiving a €540 million dividend.
Expected to finalize in the first quarter of 2026, pending regulatory approvals, this transaction underscores the growing synergy between energy infrastructure, AI, and sustainability, positioning Ardian as a key investor in the energy systems needed to support Europe’s forthcoming technological advancements.
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