Northern Ireland energy group Viridian received a cash injection from its new US parent in the last four weeks to repay a high-cost £148 million (€195 million) junior loan.

I Squared Capital, a New York specialist investment fund, completed the purchase of Viridian last month from Bahrain-based Arcapita, after fielding a bid understood to have been in the region of €1 billion.

In Viridian’s bondholder report, published yesterday, the company disclosed that I Squared provided equity to the energy group’s ultimate parent, Viridian Group Holdings Ltd, to discharge a junior loan facility. The loan carried a 13.5 per cent annual interest rate, according to a report by ratings agency Fitch on the company in December. It compares to a 7.5 per cent rate attached to the group’s €600 million of senior bonds.

Viridian said its earnings before interest, tax, depreciation and amortisation were little changed at £97.1 million for the year to the end of March, compared to the previous 12 months.

Earnings at the Energia gas and electricity supply division in the Republic, excluding renewable assets, fell during the year but its renewable energy business's earnings roseJOE BRENNAN