Finance group Macquarie has agreed to buy Erova Energy, the renewable asset optimisation company operating in Ireland and the UK.
Erova services a growing portfolio of wind, solar, waste-to-energy and battery storage assets with power purchase agreements (PPAs), market access and balancing services. It also provides meter registration services.
More recently, Erova expanded into renewable energy supply for industrial and commercial customers in Ireland through Erova Energy Supply.
Companies like Erova help renewable energy producers to manage price risk, enhance operational efficiency and meet grid requirements, and there is increasing demand for their services to facilitate the energy transition.
Erova believes it has significant potential to scale its platform in existing markets and internationally with the support of Macquarie’s investment and extensive experience in global energy markets.
"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," said Rishil Patel, senior managing director at Macquarie.
Nick Williams, co-chief executive 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 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.”
Erova will continue to operate from its offices in Dublin and London following the acquisition. The company is currently part-owned by its four founders, who will remain as part of the senior management team, and by Mitsui & Co.
(Pic: Getty Images)
