PwC’s Corporate Finance team is pleased to announce the successful agreement for the sale of Erova Energy Group (“Erova”) to Macquarie, through its Commodities and Global Markets group (“Macquarie”). PwC acted as the exclusive financial adviser on the sale of the business.
Erova is currently owned 51 per cent by Mitsui & Co., Ltd. and 49 per cent by its four founders, who will remain part of the senior management team. The transaction is subject to closing conditions.
Renewable energy producers rely on optimisation platforms such as Erova’s to manage price risk, enhance operational efficiency, and meet grid requirements. As the world’s renewable energy capacity continues to grow, there is increasing demand for these services to facilitate the energy transition. Erova offers four key services to its clients: PPAs, route-to-market, balancing services, and energy supply logistics. The transaction will allow Erova to pursue further growth opportunities and scale its platform in existing markets.
The deal represents a landmark transaction in the evolving energy trading landscape, highlighting the continued appetite from global investors for innovative businesses supporting the energy transition.
“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 platform and experienced team with Macquarie’s balance sheet strength, capital access and deep liquidity will support our next stage of growth. We’d like to thank PwC for their expert guidance throughout the transaction, their advice was instrumental in helping us deliver this outcome.”
Erova
Founded in 2015 by four experienced power trading professionals, Erova is a renewable asset optimisation company operating in the UK and Ireland, with capabilities across Europe. It 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, Erova expanded into renewable energy supply for industrial and commercial customers in Ireland through Erova Energy Supply.
Erova’s proprietary, state-of-the-art power trading platform operates 24/7/365, enabling seamless trading across the energy spectrum and the ability to deliver highly flexible, bespoke route-to-market agreements, which are tailored to the needs of generators, suppliers, and large energy users across the UK and Ireland.
Mitsui & Co.
Mitsui & Co. is a global trading and investment company with a diverse business portfolio that spans energy, infrastructure, food, chemicals, mobility, wellness, and digital innovation. Operating in more than 60 countries and regions, it leverages a global network and deep sector expertise to support sustainable growth and innovation.
Mitsui & Co., Ltd. became a shareholder in 2018, supporting Erova’s expansion into new markets and product lines. Its strategic backing helped the business scale its operations and strengthen its market position across the UK and Ireland.
“We are delighted to have acted as lead financial advisor on this landmark transaction. This deal marks a landmark investment in an independent energy trading business in Europe and is a clear testament to the excellent platform that the founders and Mitsui & Co. have built over the past decade. Erova’s specialist capabilities in renewable energy trading and supply, underpinned by its proprietary technology and strong market position in GB and I-SEM, made it a highly attractive strategic asset. We were pleased to be able to bring together PwC's global cross-border M&A network and our deep energy and trading expertise so that our clients could be successful in this transaction. We are incredibly proud to have played a part in this next chapter for Erova, and look forward to seeing the business continue to grow under Macquarie's ownership.”
PwC
The PwC UK Corporate Finance team was led by Jonathan Massam and Robert Senger.
The PwC Denmark Corporate Finance team was led by Patrick Skjødt and Mikkel Mücke.
The PwC Japan Corporate Finance team was led by Ken Takenaka and Sandra Diederichs.
The PwC UK Commodities & Treasury team was led by David Coulon and Ed Gray.
Please contact us if you would like to discuss the energy transition and infrastructure M&A market.
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