Irish energy group Energia to be sold to a €2 billion deal later this year

US investor I Squared Capital expects to sell Irish energy group Energia to a €2 billion deal later this year.

The group, known as the Viridian Group until 2019, is now known as Energia after rebranding. They are second largest energy group in Ireland.

The company sells gas and electricity throughout Ireland, North and South to 750,000 customers.

According to a Reuters report, a sales process for Energia will commence later this year, subject to market conditions.  

Eye Square acquired Energy for €1 billion in 2016, but failed to sell in 2018.

Energia last year launched a €3 billion expansion designed to complete the government’s plan to increase green energy. The also has set aside €600 million for new wind farms.  

In addition, a plant was built to convert the waste into organic matter and plans were made to produce hydrogen.

Shortly after the government unveiled its Climate Action Plan, which committed to providing more price support for wind and solar power, the group revealed its investment details.

Energia predicted that their investment will generate up to 200 jobs and make it a leading supplier of green energy in Ireland.  

I Squared backed the proposals of the Irish company along with pension and sovereign wealth funds, whose capital it invests, Energia chief executive Ian Thom said.

“They have supported the development of renewables right across the globe, north America, Spain, Ireland and India,” he added.

Energia also owns the Huntstown power plant in north Co Dublin. It employs about 450 people.