Sojitz Corporation has taken a significant step into the Irish energy market by finalising a share purchase agreement for a substantial stake in New Measured Power Ltd, known as Pinergy. This move comes through Sojitz Corporation of Europe B.V. and follows a similar investment in Nexus Energia S.A., a Spanish electricity and gas retailer, marking Sojitz’s second foray into electricity retail in Europe. Subject to regulatory approvals from Irish authorities, Sojitz is set to acquire a 98% stake in Pinergy by January 2025, making it a consolidated subsidiary of the Sojitz Group.
Sojitz aims to leverage its expertise in renewable energy generation as it expands its presence in the electricity retail sector. The company plans to implement an integrated, one-stop energy service model in Ireland, focusing on decarbonisation and offering a range of services, including energy conservation tailored to the retail sector.
Ireland is on a mission to achieve an 80% renewable energy ratio by 2030, a goal that has gained urgency due to increasing electricity demand driven by the proliferation of data centres. Established in 2013, Pinergy has positioned itself as a leader in the Irish electricity retail market, focusing on 100% renewable energy sourcing, predominantly from onshore wind. The company primarily serves corporate clients and recorded impressive sales of €215 million in 2023—a remarkable 38% increase from the previous year. Pinergy’s electricity sales volume reached 840 GWh, enough to power approximately 200,000 households.
In addition to its retail capabilities, Pinergy is also renowned for its energy management services, which enable real-time monitoring of electricity, gas, waste, and water usage. The company supports energy efficiency in both residential and commercial settings through services such as rooftop solar power installation.
Sojitz’s expansion strategy in Europe has been methodical. The company previously invested in Nexus in 2021 to enhance its energy solutions portfolio. Nexus, based in Spain, is known for its strong renewable energy credentials and advanced risk management capabilities. Sojitz has been gathering valuable market insights in Ireland since its 2017 investment in Evalair Limited, which operates onshore wind farms.
By collaborating with Pinergy, Sojitz plans to draw on its extensive experience in developing renewable energy projects both domestically in Japan and internationally. The partnership will also benefit from Nexus’s operational expertise, facilitating the development of a comprehensive energy solution business model that integrates renewable power generation with electricity sales and energy conservation services.
In line with its ambitions, Sojitz is committed to expanding its operations through mergers and acquisitions to drive down CO2 emissions and contribute to a net-zero future. This initiative aligns with Sojitz’s broader growth strategy within the energy sector, positioning the company as a key player in the evolving European energy landscape.
