Latest news with #ErovaEnergyGroup
Irish Post
2 days ago
- Business
- 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 Times
3 days ago
- Business
- Irish Times
Macquarie agrees ‘strategic acquisition' of renewable energy firm Erova
Australian 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.
