Dublin, 7 October 2025 — Paris-based investment firm Ardian has agreed to acquire Energia Group, one of Ireland’s largest energy providers, from infrastructure investor I Squared Capital, in a transaction valued at more than €2.5 billion ($2.9 billion). The deal marks Ardian’s first investment in Ireland and underscores the growing importance of energy infrastructure in meeting the surging power needs of artificial intelligence and data centers.
Energia’s Role in Ireland’s Energy Market
Energia supplies around 17% of Ireland’s electricity and accounts for roughly 20% of the country’s wind generation capacity. Its portfolio includes 358 MW of operational onshore wind assets, two gas-fired power plants with a combined 747 MW capacity, and a pipeline of renewable projects targeting an additional 1.5 GW by 2030. The company also recently partnered with Microsoft to develop a 165 MW data center in Dublin, highlighting its role in powering Ireland’s expanding digital economy.
Strategic Significance
Ardian’s co-head of infrastructure, Juan Angoitia, said Energia has “ambitious plans to grow, driven by secured capital projects and increasing energy demand.” Managing director William Briggs added that Energia represents a model for co-developing data centers alongside renewable generation, a strategy increasingly critical as AI adoption accelerates global electricity consumption.
Market Context
The acquisition reflects a broader trend of infrastructure investors targeting energy providers linked to data center growth. I Squared Capital, which acquired Energia (then Viridian) in 2016 for about €1 billion, exits with a significant gain. The deal also comes as Ireland grapples with grid constraints and a moratorium on new data center developments in Dublin until 2028, prompting policy reforms to enable private energy agreements for digital infrastructure.
Outlook
With this acquisition, Ardian positions itself at the intersection of renewable energy expansion and AI-driven electricity demand. For Ireland, the deal highlights both the opportunities and challenges of balancing digital growth with energy security and sustainability.
