US private equity firm I Squared Capital (ISQ) has acquired Belfast-based energy firm Viridian in an all-cash deal.
City A.M. understands the deal to be worth €1bn (£780m).
“We intend to grow Viridian with the leadership team to achieve its full potential,” said Gautam Bhandari, a partner at I Squared Capital, adding: “The acquisition of Viridian is consistent with our strategy of investing in robust growth economies, such as Ireland.”
I Squared Capital, founded in 2012, owns a raft of renewable energy assets in the US and India, and Viridian marks its first push into the UK.
Viridian owns brands Energia in the Republic of Ireland and Power NI in Northern Ireland, giving it an estimated 20 per cent share of domestic electricity sales volumes and a 27 per cent share of business volumes.
Last year, Viridian made an operating profit of £112m, but financing costs of £152m pushed it to a pre-tax loss of £13m. It pulled in sales of £1.5bn.