• Swindon & Wiltshire M&A, deals
• Monday October 28 2024
• Author Name: Peter Davison

Dubai energy firm makes unsolicited takeover offer for Good Energy

Chippenham-based renewable energy supplier Good Energy has received an unsolicited takeover offer, the company announced this morning (Monday).

And in a separate announcement, the firm said it had agreed to acquire a solar installation company for up to £8 million.

The takeover offer has come from Dubai-based Esyasoft Holding, which specialises in smart grid technology. The value of the offer has not been disclosed.

Good Energy said in an announcement to the stock market that it was evaluating the possible offer with its financial and legal advisers.

Under takeover rules, Esyasoft must confirm whether it is making a bid by November 25.

Esyasoft describes itself as “a pioneer in the Energy Transition, offering an extensive range of products and solutions such as IoT, AI, and analytics that spans across Energy Utility sector.”

In a separate announcement, Good Energy said that it had entered into a conditional binding agreement to acquire Hampshire-based solar installation company Empower Energy.

The company said that along with its acquisition of Amelio Enterprises Limited on October 4 it expects to be “substantially earnings enhancing in FY25 and beyond.”

The Empower Energy acquisition is the firm’s fifth in two years, and the fourth of a solar power installer.

Good Energy CEO Nigel Pocklington said: “Businesses are increasingly recognising that the commercial rationale for installing solar is strong, even before you consider the associated benefits of carbon reduction. With energy costs remaining high, businesses and organisations with rooftop real estate can achieve excellent returns on investment.

“Good Energy is already providing high quality, consultative commercial solar installation services to customers in the South, and through Empower joining the Group we are stepping this up further.

“Offering commercial solar installation backed by 15 years of experience nationwide, Empower accelerates Good Energy’s solar service offering.

“As the fourth solar acquisition Good Energy has made in 18 months and the second in only weeks, we have rapidly scaled our service coverage and capability.

“We will now be focussed on integrating these businesses under the Good Energy brand, leveraging our increased operational scale and vertical integration to provide a cohesive experience for commercial customers looking to cut their energy bills and their carbon through installing solar.”

Latest: Good Energy agrees £100 million takeover by UAE firm