• Swindon & Wiltshire M&A, deals
• Monday January 27 2025
• Author Name: Peter Davison

Good Energy agrees £100 million takeover by UAE firm

Renewable energy supplier Good Energy has agreed a near-£100 million takeover by Dubai-headquartered Esyasoft.

The Chippenham-headquartered firm confirmed today (Monday) it had agreed a sale at £4.90 a share, valuing the company at £99.4 million.

Good Energy provides 100 per cent renewable energy to around 245,000 household and business customers in the UK.

It also specialises in letting users sell solar power back to the grid.

And in recent years it has grown its solar panels and heat pump installation offering.

The deal will be subject to a shareholder vote.

Esyasoft’s interest in Good Energy was first announced in October.

Esyasoft is ultimately controlled by the Abu Dhabi International Holding Company, an investment company chaired by Sheikh Tahnoun bin Zayed al-Nahyan – a member of Abu Dhabi’s ruling family.

While the parent company is involved in drilling for oil and gas, Esyasoft focusses on power distribution technology.

Good Energy CEO was today upbeat about the deal, telling investors: “Good Energy has had the same express purpose to power a cleaner, greener future for 25 years.

“Today we have an opportunity with a partner that shares our sustainable energy vision and has the resources to accelerate our purpose substantially.

“Whilst the Board remains confident in Good Energy’s strategic delivery as a publicly listed company, Esyasoft’s financial resources, in addition to its presence in new markets, present a significant increase in our potential.

“The offer values the Company at a significant premium, offering shareholders a good return for their support for the Company.

“The Board is recommending the offer – a good deal which will ramp up the Company’s renewable purpose.”

The company’s founder and former CEO, Juliet Davenport, was also supportive, saying: “I founded Good Energy 25 years ago to be a pioneer in the provision of clean power to all customers in the UK.

“The energy industry back then was very different, founded around fossil fuels and designed to be a centralised system.

“This new investor for Good Energy offers an opportunity to scale the Good Energy propositions leading the decentralised and flexible clean power offering for the prosumers of the future to make a real difference to climate change.”

The company’s largest shareholder Dale Vince, who owns renewable energy rival Ecotricity as well as 26 per cent of Good Energy, was remaining quiet about the deal.

Instead, he spent the morning TV calling for publicly-funded UK elections to remove foreign influence via political donations and clean up the political system.

Latest: Good Energy shareholders approve £100 million Dubai acquisition