French investment firm Ardian is set to acquire Energia Group, one of Ireland's major energy utilities, for over €2.5 billion. The acquisition highlights the increasing demand for energy infrastructure to support the artificial intelligence sector. Energia, based in Dublin, has attracted attention due to its potential to power data centres, which are experiencing a surge in energy consumption.
KKR and a joint bid from Canada Pension Plan Investment Board and Octopus Energy were also vying for the company. I Squared, which acquired Energia in 2016, initiated the sale following planning permission for a data centre in Huntstown in partnership with Microsoft. Energia has plans for significant solar energy, onshore and offshore wind, and battery-storage projects.
Ardian's acquisition signifies a strategic move to capitalise on the escalating energy needs of AI and data centres. This acquisition follows Ardian's purchase of 117 solar plants in Italy, demonstrating a commitment to expanding its energy infrastructure portfolio.
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