European competition authorities have granted approval for Ardian's €2.75 billion purchase of Energia Group from I Squared Capital, clearing the final regulatory hurdle for the French private investment firm's entry into Ireland's renewable energy market, TechCentral reports.

The European Commission determined the transaction would not raise competition concerns given the companies' limited market positions following the proposed acquisition. Ardian announced the renewable energy provider's purchase last October, with completion expected early this year.

Energia Group supplies approximately 17 per cent of the island of Ireland's total electricity requirements and 20 per cent of wind power, serving 800,000 homes and businesses through its Energia and Power NI retail brands.

Ian Thom, chief executive of Energia Group, said in October: "Energia's focus remains on transforming Ireland's energy system by deploying renewables and other low carbon solutions at scale, while continuing to deliver secure and affordable energy to our domestic and commercial customers."

Thom noted Ireland's pivotal position with rapid electrification, growing demand from new technologies, and global investment in digital infrastructure accelerating simultaneously. "Energia is ideally placed to meet these needs, and with Ardian's long-term backing, we're excited to continue scaling our business to help power this next phase of Ireland's growth for our customers, partners and employees," Thom said.

William Briggs, managing director at Ardian, described Energia as positioned at the forefront of convergence between energy utilities and digital infrastructure. "The company's pioneering approach to combining hyperscale data center development with new renewable energy generation, will unlock significant opportunities for growth in Ireland," Briggs said.

I Squared Capital held the investment for nine years before the sale.

Examine Ardian's investment strategy and Energia Group's expansion plans under new ownership in the full report.