LONDON, 16th March 2018 – JLL has advised Erova Energy (“Erova”), an independent energy trading and services company based in Dublin, on securing a funding agreement with Mitsui & Co., Ltd. (“Mitsui”). Mitsui will acquire a stake in Erova, participating in their business, in a deal that will accelerate the two and half-year-old company’s growth plans.
Erova was establish in 2015 and has grown rapidly in both financial strength and products offered to the market. Having created a bespoke trading platform with 24/7/365 operation capabilities and trading across the full energy spectrum (power, gas and certificates), Erova has been able to offer bespoke Route to Market agreements in the UK and Ireland. Providing asset revenue optimisation through effective dispatch, imbalance management and active trading, giving developers and suppliers access to a trading team without the need for complex market setup. With the Irish market expected to transit to the new I-SEM in 2018, Erova look to lead the way on new balancing management products to help developers to continue to bring their assets to financial close.
Mitsui is one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 138 offices in 66 countries as of March 2018. Utilizing our global operating locations, network and information resources, Mitsui is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food, Food & Retail Management, Healthcare & Service, Consumer Business, IT & Communication Business, Corporate Development Business. Mitsui is actively taking on challenges for global business innovation around the world.
Nick Williams, Head of Origination at Erova, said: “Erova already has a presence in four European countries and we very much look forward to combining our expertise with Mitsui’s backing and global network, to expand our trading and managed services business internationally”
Dominic Szanto, director in JLL’s Energy & Infrastructure Advisory team, added: “The closing of this transaction demonstrates the importance of imbalance expertise in delivering a competitive, managed contracts and portfolio services business. This transaction between Erova and Mitsui will enable Erova to achieve its ambition for providing distributed generators and businesses with the same energy market access opportunities as traditional power plants across multiple markets.”
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.co.uk.