Macquarie, through its Commodities and Global Markets group, has agreed to acquire 100% of Erova Energy Group. Erova is a renewable asset optimization company operating in Ireland and the UK with capabilities across Europe. It services wind, solar, waste-to-energy, and battery storage assets with power purchase agreements (PPAs), market access, balancing services, and meter registration services. Recently, Erova expanded into renewable energy supply for industrial and commercial customers in Ireland.
Rishil Patel, Senior Managing Director at Macquarie, stated: "Erova is uniquely positioned in its ability to offer four key services to clients including PPAs, route to market, balancing services, and energy supply logistics. This is a strategic acquisition for Macquarie that will help unlock barriers to Erova’s growth.”
Nick Williams, Co-CEO at Erova said: “Given the UK and Irish Governments’ ambitions to have substantially all energy generation from clean power by 2030, we believe demand for innovative renewable asset trading services will continue to grow. Bringing together Erova’s existing platform, and our highly skilled and experienced team, and combining it with Macquarie’s balance sheet strength presents a highly attractive proposal for both our existing and new renewable asset owners.”
Following the acquisition by Macquarie, Erova will continue operations from offices in Dublin and London. Macquarie has been investing in Ireland's energy sector for over two decades. In the UK, Macquarie has been active since 1989 in essential infrastructure sectors.
Erova is currently partly owned by its four founders who will remain part of the senior management team along with Mitsui & Co., Ltd. The transaction is subject to closing conditions.