Energia quarterly earnings rise 28% as US owner advances sale plan

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Energia News

Morgan-Stanley,Barclays,Renewable-Energy

US investment firm I Squared Capital hired investment bankers to prepare the company for sale

Ian Thom, chief executive of Energia, said there doesn't need to be a choice between decarbonisation and economic growth: 'We can have both.' Photograph: Alan Betson’s earnings surged by 28 per cent in the first three months of its financial year, delivering a boost to its US owner as it advances plans to sell the all-island business after eight years.

“The strength and resilience of the business shows that our strategy is delivering, as we continue to play a leading role in the energy transition across the island of Ireland.”Energia’s earnings bump comes nicely in time for anticipated sale Mr Thom declined to comment on what he called sale “speculation” in an interview with The Irish Times, saying the US firm remains “a very good owner”.

Earnings in Energia’s flexible electricity generation division owns two combined cycle gas turbine plants and an emergency generation plant, totalling 797MW, in Huntstown, north Co Dublin, as well as a 50MW battery storage facility in Belfast. Its Ebitda jumped 150 per cent to €14.7 million.

 

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