Pinergy, the Irish energy transition company, has announced today that Sojitz group, the Tokyo-based multinational group, has now taken a majority stake in the business having acquired the holdings of long term shareholders, the Coates family. Key senior executives will retain a shareholding in the business.
Sojitz will continue to support the company, enabling it to scale up and expand its capabilities to support its strategy & future growth plans. This investment aligns with Sojitz’s strategy to create, operate, and grow businesses that deliver renewable energy from generation through to the supply of electricity & green energy solutions for commercial & residential customers who are navigating the energy transition. The Group already holds several wind & 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., who 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 & Enniscorthy, working with customers across a range of renewable energy supply & energy technology solutions.
Commenting on their latest investment in Pinergy, Yasushi Asano, General Manager of Sojitz’s Energy Solutions Business Dept.2, said: “We are delighted to participate in the next chapter of Pinergy’s story. 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 change in ownership will not affect day-to-day operations at Pinergy. The senior management team, including founder and chief executive Enda Gunnell & Executive Chairman Peter Bastable, will continue to lead the business.
The acquisition is subject to approval from Competition and Consumer Protection Commission (CCPC)
Pinergy and its shareholders have been advised on this transaction by Stonehage Fleming Private Markets in London together with Pinsent Masons at their UK & Irish offices.
Media Queries: pressoffice@pinergy.ie
About Pinergy:
Pinergy is an energy transition company which is supplying, analysing and transforming with sustainable energy. We’re helping our customers make data-informed choices today, to take control of their energy tomorrows.
Our goal is to translate our deep understanding of the energy sector into practical, tailored advice for our customers — helping them to optimise their energy use, reduce waste and treat energy as a resource, not a commodity.
Pinergy is a fully regulated electricity supplier and provider of energy solutions such as Solar PV, Energy Storage, Utility measurement solutions and EV charging.
About Sojitz corporation:
Sojitz Corporation was formed out the union of Nichimen Corporation and Nissho Iwai Corporation, both companies that boast incredibly long histories. For more than 160 years, their business has helped support the development of countless countries and regions. Today, the Sojitz Group consists of approximately 400 subsidiaries and affiliates located in Japan and throughout the world, developing wide-ranging general trading company operations in a multitude of countries and regions.
For more information on Sojitz – https://www.sojitz.com/en/corporate/profile/