Upvolt has acquired renewable energy company SolarKW in a deal aimed at expanding the reach of rooftop solar in the Oxfordshire region.
SolarKW, which has previously won awards for its solar panel installation services, will be rebranded as Upvolt Oxfordshire following the deal. In the coming months, the new Upvolt Oxfordshire will look to acquire more companies in the renewable energy sector to increase the company’s presence in the UK.
Upvolt specializes in smart solar installations for homes and businesses, allowing its customers to manage their energy consumption via their smartphone. The company also provides battery energy storage systems (BESS) for households.
The price of the sale was not disclosed by either party, but SolarKW founder Keith Willis stated that “the company was ultimately sold for a very acceptable price.” Mergers and acquisitions advisor KBS Corporate advised the companies on the deal.
“We are pleased to welcome SolarKW to the Upvolt family,” said Alex Lomax, CEO of Upvolt.
“This acquisition represents the start of an exciting journey for Upvolt as we expand our capabilities, scale our operations and deliver cutting-edge sustainable energy solutions to homes and businesses across the UK.”
Roof terrace on the rise
With solar capacity in the UK increasing by 1GW annually and 73% of new installations last year being in homes, rooftop solar is becoming increasingly attractive to businesses.
Good Energy made several acquisitions of residential solar PV companies last year. These include solar and storage company JPS Renewable Energy, for which Good Energy paid an upfront price of £7m, and Amelio Solar, which was sold for an initial fee of £5.5m; and most recently solar installation company Empower Energy, which was acquired on a debt-free basis for an initial consideration of £7m, with an additional £1m payable in January 2026.
Other companies are looking to acquire rooftop solar portfolios, rather than the companies themselves. In December last year, AtmosClear Investments announced it had acquired an operational 6.4 MW rooftop solar portfolio from Foresight Environmental Infrastructure.
The portfolio, which includes 1,016 residential solar assets and 66 commercial ground-mount assets, was sold for a total consideration of £21.2 million, of which £20.5 million paid upfront and a further £0.7 million deferred upon satisfactory completion of post-completion. obligations.
