Ardian to Acquire Energia in €2.5 Billion Infrastructure Deal

I Squared Capital (“I Squared”) has agreed to sell Energia Group (“Energia”) to French investment firm Ardian in a transaction valued at more than €2.5 billion. The deal is expected to close in early 2026, subject to regulatory approvals, and represents one of I Squared’s largest exits to date.

Energia is an integrated Irish energy utility serving nearly 900,000 homes and businesses across the Republic of Ireland and Northern Ireland. It supplies around 17 percent of the island’s total electricity demand and roughly 20 percent of its wind power. Its portfolio includes 16 onshore wind farms, gas-fired generation capacity, and a growing pipeline in solar, battery storage, and hydrogen. Over the last decade, I Squared has backed Energia’s transformation from a conventional utility into a diversified platform combining renewables, flexible generation, and digital solutions.

The transaction reflects surging investor interest in the convergence of energy and digital infrastructure. Demand for data centers has accelerated with the rise of artificial intelligence, placing significant new pressure on power grids worldwide. Ireland has become a global hub for data centers and technology investment, with grid operator EirGrid Group forecasting that data centers will account for 31 percent of the country’s electricity demand by 2030, up from around 20 percent today. Energia itself has announced plans to partner in the development of a 165-megawatt data center in Dublin, positioning itself directly at this intersection.

Commenting on the deal, Energia CEO Ian Thom noted: “Ireland is at a pivotal point, with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure.” Ardian Managing Director William Briggs added: “Energia is at the forefront of the convergence between energy utilities and digital infrastructure.”

For Ardian, the acquisition provides exposure to both stable regulated returns and structurally rising demand from Ireland’s digital economy. For I Squared, the sale represents the culmination of nearly a decade of value creation, including dividend recapitalizations, reduced leverage, and growth into new strategic areas.

This deal illustrates how utilities positioned at the intersection of clean energy and digital adoption are becoming some of the most attractive platforms in global infrastructure investing.