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.
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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'.
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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.
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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.
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