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."
