Macquarie is acquiring Erova Energy, a European renewable asset optimisation company, for an unspecified sum.
Erova, which has operated in Ireland and the UK for a decade, provides services for a portfolio of wind, solar, waste-to-energy and battery storage assets. The firm’s services include power purchase agreements (PPAs), market access, balancing services and meter registration.
Erova also recently expanded into renewable energy supply for industrial and commercial customers in Ireland through its Erova Energy supply arm.
Macquarie, which is investing via its commodities and global markets business, said Erova has the potential to scale its platform in existing markets and internationally, supported by Macquarie’s investment and experience in global energy markets.
Erova is currently partly owned by its four founders, who will remain part of the senior management team, and by Japanese trading and investment firm Mitsui & Co.
Rishil Patel, senior managing director at Macquarie, said: “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.”
Nick Williams, co-CEO 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.”
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