Commentary & Deal Flow

• Issuer: Energia Group ROI FinanceCo DAC
• Ticker: ENRGRP
• Size: EUR850m
• Format: Reg S / 144A
• No Reg Rights: 144A/Reg S for life
• Security: Senior Secured Notes
• Price Progression:
  • Price talk: 5.5%-5.75%
  • IPT: High 5s
• Issue Ratings: Ba1/NR/BBB- (stable/--/stable)
• Maturity: September-2032 (6y)
• Optional Redemption: NC2 (MWC B+50bp) (50%,25%,par)
• Equity claw: 2y 40%
• Special call: 10% per year, the first 2 years at 103
• Change of Control: CoC at 101
• Denominations: 100kx1k
• Listing: The International Stock Exchange
• Law: New York Law
• Joint Physical Bookrunners: JPM (B&D), MS, GSI
• Joint Global Coordinators and Bookrunners: JPM, MS, GSI, DB
• Bookrunners: Barc, BoA, Lloyds, NatWest, SG
• UOP: Refinance existing EUR600m 6.875% sr sec notes due 31-July-2028 (callable at 101.719) and EUR250m bridge facility incurred to fund the acquisition of Energia by Ardian from I-Squared Capital.
• Equity sponsor: Ardian Infrastructure Fund (Ardian Group).
• Biz: Energia Group is a leading integrated energy transition utility active in the Republic of Ireland (RoI) and Northern Ireland (NI). The Company has a portfolio of operational onshore wind farms and renewable PPAs across the Island of Ireland. In addition Energia Group generates electricity from system critical CCGTs in Dublin, operates an emergency gas generation facility in Dublin and a battery storage facility in Belfast. Energia Group supplies electricity & gas to homes and businesses across Ireland in both the RoI and NI. The Group also has a contracted pipeline of growth centered on a data center that is currently in construction and an associated pipeline of renewable (onshore wind and solar) generation projects.
• HQ: Dublin, Ireland
  Marketing:
• Investor Call: Monday, 14-September-2026 at 10:30 UKT
• Fixed income investor meetings: Monday, 14-September-2026 and Tuesday, 15-September-2026
• Books close: 13:00 UKT 16-September-2026

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