Australia-based global financial services group Macquarie announced an agreement to acquire Ireland-based renewable energy asset optimization company Erova Energy, citing opportunities to scale its platform to new markets.
Founded in 2015 with an initial focus on energy tranding, Erova provides risk and revenue optimization solutions for renewable assets , including wind, solar, waste-to-energy and battery storage, across the UK, Ireland, and with capabilities in Europe as well. The company’s solutions aim to maximize the revenue generating capacity of clients’ renewables assets through the provision of a variety route to market options, with services including power purchase agreements (PPAs), market access, balancing services, as well as providing meter registration services. The company has also expanded into renewable energy supply for industrial and commercial customers in Ireland through its recently launched Erova Supply business.
Nick Williams, Co-CEO at Erova said:
“Bringing together Erova’s existing platform, and our highly skilled and experienced team, and combining it with Macquarie’s balance sheet strength, access to capital and market-leading access to power trading liquidity1 presents a highly attractive proposal for both our existing and new renewable asset owners.”
Macquarie highlighted the significant potential to scale Erova’s platform in its existing markets and internationally through the acquisition, noting the company’s sustained growth in Ireland and the UK.
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.”
