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I Squared taps advisers to sell Energia for as much as $3 billion, sources state

The owners of Energia Group are looking for advisers to offer the Irish energy in a deal that could value it at as much as $3 billion including debt, 2 sources with knowledge of the offer stated.

The sale process by facilities fund I Squared is anticipated to start after the summer, based on market conditions, the sources said on condition of privacy since the details is not public.

I Squared acquired Energia in 2016 for 1 billion euros ($ 1.08 billion) and unsuccessfully attempted to offer it in 2018 and 2020.

The fund is betting that Energia's core incomes growth and interest for incorporated utilities with a diversified portfolio of traditional and eco-friendly power will draw buyers, among the sources said.

I Squared decreased to discuss Wednesday. Energia Group could not right away be grabbed comment.

Energia owns onshore wind farms with a capacity of 309 MW across the Republic of Ireland and Northern Ireland, 747 MW of combined-cycle gas turbine (CCGT) plants in Ireland, and products gas and electricity to almost 800,000 customers, according to its site.

Facilities financiers or utilities with a positive outlook on Irish macroeconomic viewpoints are likely to be prospective bidders, the sources said.

Energia, which had 1,111 workers as of Sept. 30, is expanding into the data-centre business with a project in Dublin.

The business reported core revenues (Ebitda) of 145.8 million euros ($ 158.2 million) for the very first half of the year, and has a. overall net financial obligation of 336 million euros. It finished the. refinancing of 2 financial obligation emissions in July, replacing them with. 600 million euros senior protected notes due in July 2028.

(source: Reuters)