Good Energy Expands Solar Footprint with Empower Acquisition

In a strategic move aimed at enhancing its solar installation capacity, Good Energy Group has announced the acquisition of Empower Energy, a prominent commercial solar installation company. This acquisition is notably backed by Good Energy’s existing cash resources, allowing the company to maintain a robust financial position while pursuing future growth.

Good Energy is set to broaden its services through the acquisition of Empower Energy.

Details of the Acquisition

The deal is structured as a 100% acquisition of Empower’s issued share capital, executed on a debt-free, cash-free basis for an initial consideration of £7m ($7.56m). This will involve a cash payment of £6.25m upon completion, alongside the issuance of 254,237 new ordinary shares in Good Energy valued at 295 pence each. Notably, those shares will be subject to a 12-month lock-up period, followed by an orderly marketing period lasting an additional year. Furthermore, an additional deferred cash consideration of £1m is scheduled for payment in January 2026, contingent upon certain conditions tied to Empower’s founder, Ryan McShea, who is set to join Good Energy post-acquisition.

For the financial year ending August 31, 2024, Empower reported an unaudited revenue of £10.1m with a profit before tax of £1.8m.

A Strategic Vision for Solar Expansion

Good Energy’s CEO, Nigel Pocklington, remarked, > “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.”
This acquisition marks Good Energy’s ambitious effort to scale quickly, as they continue their pattern of expanding through strategic acquisitions; Empower will be the fourth such addition in just 18 months. The focus is clear: enhance the customer experience for commercial clients eager to lower energy costs and reduce carbon footprints through solar installations.

The Future of Solar Energy in the UK

As renewable energy continues to gain momentum globally, acquisitions like Empower’s could significantly impact the market dynamics in the UK. Good Energy aims not just to grow its service network but also to contribute to the broader goal of transitioning towards more sustainable energy solutions.

With the combined strengths of Empower’s experienced team and Good Energy’s established infrastructure, stakeholders can anticipate a more comprehensive offering in commercial solar services. Notably, this integration positions Good Energy favorably in an increasingly competitive market, fostering innovation and enhanced service delivery for sustainable energy solutions.

The solar industry is witnessing rapid advancements, fueling energy independence.

Conclusion

The acquisition of Empower by Good Energy serves not only as a major step for both companies but also reflects trends within the renewable energy sector targeting enhanced service offerings and rapid expansion. As these companies align their strengths, they are poised to significantly shape the landscape of solar energy solutions in the UK, catering to an increasing demand for sustainability and efficiency in energy consumption.

As Good Energy continues to forge its path in renewable electricity supply, its commitment to quality service provision and strategic growth remains clear. Stakeholders and customers alike can look forward to an invigorated energy market fueled by innovation and sustainable practices.