Waterland acquires Irish energy-tech businesses

13 Jun 2024

From left: Gearoid Harvey, Laura Dillon and Eoin O'Flaherty. Image: Graeme C Photography

Caldor Solar and Zetta Home Services will now add to the Irish arm of the Dutch private equity firm’s portfolio of businesses focused on decarbonisation.

Private equity firm Waterland Ireland has acquired a majority stake in two Irish energy-tech businesses, Caldor Solar and Zetta Home Services, as part of a €50m investment to expand its Net Zero group.

The Irish arm of a Dutch private equity firm founded in 1999, Waterland first entered the Irish market with the acquisition of nursing home operator Silver Stream Healthcare in 2019. Its NetZero Group focuses on businesses that can help decarbonise the atmosphere.

Cador Solar is a renewable energy firm based in Co Kildare. It makes solar panels for residential and commercial properties across Ireland. Following the acquisition, Waterland will add the company’s solar PV (photovoltaics) products to its portfolio.

“Once an almost wistful, but costly, idea, installing solar panels is fast becoming the cleanest and simplest way for both homeowners and businesses to see significant and long-term energy savings,” reads an announcement by Caldor Solar today (13 June).

“Waterland’s new supergroup [NetZero] of energy-saving enthusiasts means that together, we can make solar power more affordable and accessible for properties across the country.”

Meanwhile, Zetta is a heat pump servicing and solar PV installation company based in Dundalk. It was founded in 2022 by Gearoid Harvey, an experienced heat pump engineer and plumber.

“As part of a €50m investment to accelerate Ireland’s transition towards renewable energy,” Cador Solar said, “Waterland Ireland is funding select companies with a shared vision: that of a cleaner, more sustainable Ireland.”

As well as the Netherlands and Ireland, Waterland is active in Belgium, Germany, Switzerland, Denmark, Norway, France, Spain, Poland and the UK. It employs 190 people of 20 nationalities.

Last year, the private equity investment group supported Meath-based MTM Engineering to acquire CET Connect. More recently, it supported Germany’s Blitz 24-73 bid to acquire Frankfurt-based LifeFit Group, a leading fitness and health platform.

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Vish Gain is a journalist with Silicon Republic