I Squared Capital has agreed to acquire Viridian Group from Arcapita, including 225 MW of onshore wind power in Ireland.
With over 480 employees, Viridian comprises two main brands – Energia and Power NI – and has a 20% share of domestic electricity sales volume and a 27% share of business electricity sales volume on an all-Ireland basis.
Viridian’s generation portfolio consists of 225 MW of onshore wind assets in operation and construction. In addition, Viridian has 793 MW of operating wind farms under long-term contracts. This capacity is expected to increase to 1 GW in just over a year as other wind farms, which are currently under construction and in development, become operational. Viridian also has 747 MW of gas-fired combined-cycle generating capacity.
ISQ Global Infrastructure Fund is to acquire 100% of Viridian in an all-cash transaction, which is expected to be completed during the second quarter. I Squared Capital has also undertaken to provide an additional significant equity cushion by paying down approximately $208 million in existing junior debt with new equity at closing.