French investment firm Ardian has agreed to buy Energia Group, one of Ireland’s largest energy utilities, from infrastructure investor I Squared Capital in a deal that values the company at more than €2.5 billion, The Financial Times reported citing people familiar with the transaction.
The deal marks Ardian’s first investment in Ireland and highlights how global infrastructure funds are racing to gain exposure to the soaring energy needs of artificial intelligence and data centre operations.
Energia provides power to more than 900,000 homes and businesses across the Republic of Ireland and Northern Ireland.
The Dublin-based company operates a broad renewable energy portfolio, including 16 onshore wind farms, and has entered into a partnership to develop and power a 165-megawatt data centre in Dublin.
The data centre project, which will rely partly on clean energy sources, has positioned Energia as a key player in meeting Ireland’s growing electricity demand from AI-driven computing.
I Squared acquired Energia, then known as Viridian, in 2016 for about €1 billion.
Since then, the company has expanded its generation capacity and accelerated its transition toward renewables, while maintaining stable cash flows in a volatile energy market.
Infrastructure investors chase AI-linked power assets
The deal comes amid a broader global rush by infrastructure investors to acquire power assets expected to benefit from the artificial intelligence boom.
In the United States, BlackRock-owned Global Infrastructure Partners is nearing a $38 billion agreement to buy AES Corporation, in what would be one of the largest infrastructure transactions in history.
Ardian’s co-head of infrastructure, Juan Angoitia, said Energia “has ambitious plans to grow, driven by secured capital projects and increasing energy demand.”
“We have been impressed by Energia’s strong growth and resilience in the context of a volatile energy market,” he said.
William Briggs, Ardian’s managing director, said the firm would support a “multibillion-euro capital expenditure programme” to expand renewable capacity and improve the efficiency of flexible generation assets.
“Energia is a pioneering example of how to unlock growth by a novel approach of co-development of data centres and renewables,” he added.
I Squared exits with record gain
For I Squared, the sale represents its largest-ever asset disposal and a highly profitable exit.
The Miami-based infrastructure investor, which manages more than $50 billion in assets, took a €540 million dividend during its ownership of Energia while also investing heavily in its expansion and reducing debt levels.
I Squared senior partner Mohamed El Gazzar said Energia’s growth under the firm’s stewardship had been “organic, predominantly around pushing the renewable agenda.”
He noted that the upcoming Dublin data centre would be a major contributor to earnings, further boosting the company’s EBITDA.
The transaction underscores the growing convergence between the energy and technology sectors, as data-intensive industries drive fresh demand for power generation.
For Ardian, the deal strengthens its presence in Europe’s energy transition landscape, complementing earlier investments such as its increased stake in London’s Heathrow Airport and its position in German utility EWE.
As AI adoption accelerates globally, energy utilities like Energia are emerging as critical enablers of the digital economy — and increasingly, the focus of some of the world’s biggest investors.
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