Electricity and clean energy services provider Good Energy Group PLC has acquired Amelio Solar, a solar installation company based in Lincolnshire.
Good Energy acquired 100% of the issued share capital of Amelio Solar on a debt-free, cash-free basis for an initial consideration of £5.5 million, payable in cash on completion. Should Amelio Solar achieve gross profit targets for the year ending December 31, 2024, this could reach £6 million with a further cash payment in the first quarter of 2025.
Good Energy’s offering is currently aimed at domestic installation. Good Energy aims to expand its capacity in decentralized energy services by expanding its geographic presence in the solar installation market; Amelio Solar is active in the commercial solar sector and has experience in education and projects in the public sector.
For the financial year ending December 31, 2023, Amelio Solar reported revenues of £7.1 million and pre-tax profits of £1.4 million. The acquisition is expected to make a material contribution to Good Energy’s profits from 2025.
Nigel Pocklington, CEO of Good Energy, said: “Amelio Solar’s proven ability to deliver large, complex solar projects will enable us to better support businesses and government agencies in reducing their carbon emissions, while supporting Good Energy positioning us as a leader in commercial solar energy solutions.”
The renewable energy company had an impressive year in the first half of 2023, reporting a staggering 168% year-on-year increase in reported gross profit to £32.7 million, up from £12.2 million in 2022.
This latest acquisition follows Good Energy’s acquisition of solar and storage company JPS Renewable Energy and its subsidiary Trust Solar Wholesale in early 2024. Good Energy paid an upfront fee of £7 million for the company, which is based in Maidstone, Kent.
On the domestic side, Good Energy recently launched an export tariff of 40 cents per kilowatt hour for customers of its solar arm, Good Energy Solar. The rate is fixed for 12 months and is double the company’s previous rate, HomeGen. Good Energy’s sales and origination director said HomeGen was the first export tariff for UK homes.
The tariff is intended to encourage customers to develop “a deeper and broader relationship” with Good Energy and is available to those who have installed a solar panel and battery storage through Good Energy Solar, have a smart meter and one of Good Energy’s supply tariffs to have. .
