UK renewable power supplier Good Energy Group Plc has announced its agreement to acquire solar installer Amelio Enterprises Ltd for up to GBP 6 million (USD 7.9 million/EUR 7.2 million), a move aimed at expanding its decentralized energy services.
The acquisition, which was revealed on Friday, will enable Good Energy to significantly enhance its presence in the solar installation market in the UK. The company plans to pay GBP 5.5 million for Amelio's entire share capital on a debt-free basis upon the deal's completion. An additional GBP 500,000 may be paid in cash in the first quarter of 2025, contingent upon Amelio meeting its 2024 gross profit targets.
Founded in 2010, Amelio Enterprises, also known as Amelio Solar, specializes in providing rooftop photovoltaic (PV) solutions to businesses, educational institutions, and public sector entities. Operating primarily in Lincolnshire and the north of England, the company has installed 20 MWp of solar capacity to date. In the previous year, Amelio generated revenues of GBP 7.1 million with a pre-tax profit of GBP 1.4 million.
Good Energy intends to finance the acquisition through its existing resources and anticipates that the deal will contribute materially to its earnings starting in 2025.
