UK renewable power firm Good Energy Group Plc is set to enhance its presence in the solar installation market with the acquisition of local company Empower Energy Limited for up to GBP 8 million (USD 10.3 million/EUR 9.5 million).
The companies have entered into a conditional binding agreement for the transaction, according to a statement released by Good Energy.
Empower Energy, based in Ringwood, Hampshire, specializes in commercial solar installations and services clients nationwide, with a primary focus on Hampshire and the South of England. The company reported unaudited revenues of GBP 10.1 million and a profit before tax of GBP 1.8 million for the fiscal year ending August 31, 2024.
This acquisition follows Good Energy's recent purchase of Amelio, a Lincolnshire-based solar installation firm, and is aimed at bolstering the company's capabilities across southern England. This transaction marks Good Energy's fifth acquisition in the past two years and its fourth in the solar installation sector.
The acquisition will be funded through Good Energy's existing resources, with an initial payment of GBP 7 million, which includes GBP 6.25 million in cash and the remaining amount in shares. Additionally, GBP 1 million in cash is set as deferred consideration payable in January 2026, contingent on certain retention agreements with Empower's founder and managing director, Ryan McShea.
