Good Energy seeks to buy UK solar installer Empower Energy

UK renewable power firm Good Energy Group Plc (LON:GOOD) is advancing its strategy for expansion in the solar installation market with an agreement to acquire local company Empower Energy Limited for up to GBP 8 million (USD 10.3m/EUR 9.5m).

The companies have signed a conditional binding agreement on the transaction, a statement says.

Ringwood, Hampshire-based Empower is a commercial focused solar installation company. It is capable of servicing clients nationwide but has a particular focus on its core territory of Hampshire and the South of England. The business booked unaudited revenue of GBP 10.1 million and profit before tax of GBP 1.8 million in the fiscal year ended August 31, 2024.

The purchase of Empower will build on the recent acquisition of Lincolnshire-based Amelio and expand Good Energy's existing capability across the south. The deal marks the fifth acquisition Good Energy has made in the past two years and the fourth in solar installation services.

The transaction consideration, to be funded through existing resources, includes an initial payment of GBP 7 million, comprising GBP 6.25 million in cash and the remainder in Good Energy shares. Some GBP 1 million in cash has been agreed as further deferred consideration payable in January 2026, subject to certain retention arrangements relating to Empower’s founder and managing director Ryan McShea.

(GBP 1 = USD 1.299/EUR 1.200)

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