Macquarie agrees ‘strategic acquisition' of renewable energy firm Erova
financial services giant
Macquarie
has agreed a deal to acquire 100 per cent of energy trading and services company
Erova
for an undisclosed fee.
The move was described as a 'strategic acquisition' in a market that is believed to have potential to grow.
Erova Energy Group is an energy trading and services company which operates in Ireland and Britain, working with the owners of renewable energy assets to optimise revenue from solar and wind farms.
The company recently signed a corporate power purchase agreement with CareyGlass in Nenagh, Co Tipperary for the supply of renewable electricity.
READ MORE
It is owned by its four founders alongside Mitsui & Co Ltd. The company's founders are expected to stay on following the acquisition, which is subject to closing conditions.
Macquarie senior managing director Rishil Patel described said the move is a 'strategic acquisition for Macquarie that will help unlock barriers to Erova's growth'.
He said that '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'.
[
Macquarie sells Irish mortgage-to-rent unit to management
Opens in new window
]
Nick Williams, joint chief executive of Erova, said the combination of his company's existing platform and team with the financial strength of Macquarie is a 'highly attractive proposal for both existing and new renewable asset owners'.
'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,' he said.
How will the updated National Development Plan shape Ireland in years to come?
Listen |
35:59
The company said Erova would continue to operate from offices in Dublin and London following the acquisition by Macquarie's Commodities and Global Markets group.
Erova Energy Limited reported revenue in excess of €518 million in an extended, 15-month financial period to March 2024, with post-tax profit of €7.62 million.
Its revenue fell slightly from the previous 12-month period when it recorded revenue of €531 million. The company said this was caused by a 'significant reduction in commodity prices, particularly natural gas and carbon credits, following the peak of the Russia-Ukraine crisis'.
'Commodity prices had surged during the height of the conflict due to supply disruptions and market volatility,' the company noted in its annual report. 'However, during the current period, prices stabilised as supply conditions improved and market demand eased, particularly for energy products.'
In early 2024, Macquarie's asset management arm
agreed to buy the Beacon Hospital
, which was majority owned by businessman Denis O'Brien.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
3 hours ago
- Irish Times
Coalition warned against diluting contentious Occupied Territories Bill
The Government will be warned not to allow the potential for legal challenges to be used as an excuse to water down the legislation known as the Occupied Territories Bill . The Oireachtas foreign affairs committee will this week publish its report on a proposal to ban trade with illegally occupied territories in Palestine. The report, finalised on Friday, is understood to recommend widening the legislation to include a ban on services as well as goods. There have been stark warnings from business lobby groups that such a measure could damage the Republic's trading relationship with the US and cause economic harm to Irish businesses and households. The Occupied Territories Bill is now undergoing pre-legislative scrutiny Listen | 41:13 The committee will tell the Government to model the ban on trade with illegal settlements in Palestine on 2014 trade restrictions with Russia regarding illegally occupied territories in Ukraine. The committee, chaired by Fianna Fáil TD John Lahart , which did not have statistics on the volume of trade in services between the State and illegally occupied territories, will call on Minister for Trade Simon Harris to collate and publish such information. It will also tell Mr Harris to establish what kind of backlash the State would face in terms of trade and diplomacy should it ban trade with the occupied Palestinian territories. [ Republic joins 25 states urging end to Gaza war Opens in new window ] Ministers will also be advised to consider what defences could be available to a business charged with an offence under the proposed law. . It is understood that the committee believes further work is required from the Government before the law could be enacted. And it will ask that Attorney General Rossa Fanning's advice on the complex Bill is 'expedited' so it can move forward as a matter of urgency. During meetings before the Dáil rose for the summer recess, Mr Lahart was critical of 'misinformation' about the Bill and the State's motivation for passing it – much of which was repeated by senior US political figures. Chairwoman of US House Republicans Lisa McClaine described the Bill as a type of 'extreme anti-Semitic hate'. [ How life in the West Bank is deteriorating for Palestinians Opens in new window ] It is understood that the committee's report will call on the Government to explain the motivation behind the Bill to European Union and international colleagues, while also lobbying Brussels for further collective EU action against Israel. The committee will propose a Government-funded public communications campaign for domestic and international audiences to explain the facts of the Bill and to challenge misinformation spread about it.
Irish Post
5 hours ago
- Irish Post
Australian multinational Macquarie acquires energy company Erova
AUSTRALIAN multinational investment company Macquarie has announced the acquisition of energy services company Erova Energy Group. Erova, a renewable asset optimisation company operating in Britain and Ireland with capabilities across Europe, will continue to operate from its offices in Dublin and London. Macquarie says that its support and experience can help Erova to fulfil its potential of scaling its platform both in existing markets and internationally. "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," said Rishil Patel, Senior Managing Director at Macquarie. "This is a strategic acquisition for Macquarie that will help unlock barriers to Erova's growth." 'Highly-attractive proposal' Erova services a growing portfolio of wind, solar, waste-to-energy and battery storage assets with power purchase agreements (PPAs), market access, balancing services, as well as providing meter registration services. More recently, it expanded into renewable energy supply for industrial and commercial customers in Ireland through Erova Energy Supply. "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," said Nick Williams, Co-CEO at Erova. "Bringing together Erova's existing platform and highly-skilled and experienced team, and combining it with Macquarie's balance sheet strength, access to capital and market-leading access to power trading liquidity, presents a highly-attractive proposal for both existing and new renewable asset owners." See More: Dublin, Erova, Macquarie
Irish Examiner
6 hours ago
- Irish Examiner
John Whelan: Tariff-free services exports are key to growth for now
Across the business front, particularly the digital providers, an audible sigh of relief can be noticed as it became clear that the EU's €93bn list of countermeasure tariffs against the US does not include services trade. The EU's countermeasures will automatically click into force on August 7, said the European Commission, should the US fail to drop the Trump-threatened 30% tariff on all EU exports by then. The big worry for Ireland's services companies, which are mainly US multinationals, accounting for €115bn in exports sales in the first three months of the year as reported by the Central Statistics Office earlier in the month, was that the EU countermeasure tariffs on the US would include services. This would have had major implications for the many thousands employed in the sector, likely forcing relocations to other non-EU countries, as well as significantly hitting the Government's corporation tax take. Now the full weight of the EU-US tariff war is set to fall on the wide range of manufactured goods, inclusive of food and drinks products, which could impact on sales output to our largest customer the US, and in the process hitting State funding. The implication of this change in trading relationship with the US is the need to bolster support for Ireland's traders in the services sector, in particular, digital trade providers such as Amazon, Google, Meta, and Microsoft. Foreign-owned enterprises account for 80% of Ireland's services exports, the second highest of the OECD countries, as reported in its Services Trade Restrictiveness Index report 2025. This leaves Ireland more exposed than most countries to US trade pressures, as the vast majority of these Ireland-based multinationals are US-owned. Retaining these global digital players in Ireland must continue to be a priority for the Government, but also there is an urgent need to do more to develop indigenous Irish companies, to ensure more controllable and sustainable growth of the services exports sector. Amazon scraps plan for plant Amazon's scrapping of its plan to build an industrial plant in Dublin, involving a €300m investment which would employ more than 500, because it did not receive the necessary Government guarantees about power supplies the plant would require, is a clear indicator of the challenges faced in retaining the multinationals in Ireland. This Amazon project loss is a critical blow to our attempts to stay up with the global AI tech race, as the now scuttled project involved the creation of an AI testing and manufacturing facility and not a data centre. It would also have enabled the training of a fresh cohort of employees, who could in the future enable the setting up of indigenous AI start-ups. To date, Enterprise Ireland, which supports Irish-owned companies, has failed to significantly grow the service exporting industry. Enterprise Ireland client companies account for under 2% of our total service trade exports. The other 18% of the services exports from Ireland come from entrepreneurs who have built their export businesses without State support. Many of them depend on good access to digital services platforms provided by the likes of Google, Meta, and Microsoft, which again underscores the critical reliance on the connection with the US. Reducing dependence on the US and deepening EU integration in services could be achieved by encouraging more innovation and stimulating much-needed investment. An easy win should be with the UK, which last year imported €314bn in services, but only €12bn from Ireland. Service sector reforms are, of course, not going to be easy, either in their politics or in their execution. The freedom to establish a company in another EU country and the freedom to provide or receive services in another EU country are already established for many services through the EU Services Directive — but implementation has been weak. Services regulations are complex and highly decentralised. In many EU member states, reforms are often implemented by professional associations, who may have a bias against reforms or even a conflict of interest. Many professions and industries thrive on the fees that regulatory constraints generate — and you and I, as service users, are rarely aware of the costs that these regulations impose on us. Read More Trump and von der Leyen set for crunch meeting on EU-US trade talks
