Energia’s renewables business owns and operates 309 megawatts of wind assets and purchases electricity from 1.23 gigawatts of third-party green energy producers. Photograph: Bloomberg
New York-based investment firm I Squared Capital has hired investment bankers from Morgan Stanley and Barclays to sell the company, sources said last month. Energia’s earnings before interest, tax, depreciation and amortisation rose to €374.9 million for the financial year to the end of March from €267.1 million for the previous 12 months. Still, it signalled in the annual report that its earnings are likely to decline this year as energy prices normalise after a period of exceptional volatility.
However, the customer solutions unit, which supplies electricity and gas to almost 300,000 customers in the Republic and about 550,000 in Northern Ireland, swung to an ebitda profit of €207.1 million from a loss of €162.1 million as a result of higher margins. Earnings in this division had been squeezed over the two previous years by a sharp spike in wholesale power prices following Russia’s invasion of Ukraine.