Sojitz sees Irish firm Pinergy acquisition as key to helping businesses navigate the green transition.
Irish Energy company Pinergy has been acquired by Japanese multinational Sojitz for an undisclosed sum.
Tokyo-headquartered corporation Sojitz – which operates more than 400 businesses around the world – has taken a majority stake in the business having acquired the holdings of long-term shareholders, the Coates family.
“We share a vision for a new type of energy retailer that focuses on delivering cleaner energy, enhanced technologies and supporting transformational change for our customers to revolutionise the energy sector in Ireland”
It is understood that key senior executives will retain a shareholding in the business.
Powering the green transition
Sojitz says it will continue to support the company, enabling it to scale up and expand its capabilities to support its strategy and future growth plans.
It says it sees the acquisition as key to its strategy of helping businesses navigate the green transition.
The Group already holds several wind and solar energy generation investments across Europe including wind generation assets in Ireland.
Sojitz also holds a stake in Spanish energy supplier Nexus Energía S.A. which will also take a small stake in Pinergy as part of the transaction.
Enda Gunnell, CEO of Pinergy, hailed the partnership as a “positive milestone moment.”
He said: “This partnership will be instrumental to supporting Pinergy’s growth plans and trajectory in the coming years. Together with Sojitz, we have a shared vision and ambition to become a vertically integrated supplier, enabling Pinergy to both generate and supply its own renewable energy for the benefit of our customers.”
Gunnell added: “With Sojitz, we share a vision for a new type of energy retailer that focuses on delivering cleaner energy, enhanced technologies and supporting transformational change for our customers to revolutionise the energy sector in Ireland. I particularly want to thank the Coates family for their investment over the years in getting us to where we are today. Their commitment and support really demonstrated their belief and trust in Pinergy’s management team and business plan.”
Since launching in 2013, Pinergy has grown organically and by acquiring energy related businesses. Today, it supplies green electricity and provides technology driven energy solutions, including solar PV installations, energy measurement, and EV charging infrastructure.
In 2023, the company reported revenues of €215m, reflecting a 38 per cent increase from the previous year. Today, Pinergy’s electricity supply base is equivalent to powering 200,000 homes annually across 10,000 commercial and 30,000 domestic customers. The business directly employs 141 people in Dublin and Enniscorthy, working with customers across a range of renewable energy supply & energy technology solutions.
“We are delighted to participate in the next chapter of Pinergy’s story,” said Yasushi Asano, General Manager of Sojitz’s Energy Solutions Business.
“Sojitz has been involved in the Irish electricity market since our first investment in 2017, with a 223 MW portfolio of onshore wind projects. Through our participation in Pinergy, we believe that we can align renewable generation and retail businesses together to further contribute to Ireland’s decarbonisation efforts.”
Asano added: “As the stages of decarbonisation vary by country and region, Sojitz provides various energy solutions by addressing the specific demands and challenges of each area. We are committed not only to the delivery of renewable energies but also to driving ‘Green Transformation’ for further energy transformation with local communities.”
The business said change in ownership will not affect day-to-day operations at Pinergy. The senior management team, including founder and chief executive Enda Gunnell and executive chair Peter Bastable will continue to lead the business.
The acquisition is subject to approval from Competition and Consumer Protection Commission (CCPC).
Main image at top: Enda Gunnell, CEO, Pinergy
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