Renewable energy supplier Good Energy has acquired Empower Energy in a multi-million pound deal, boosting its installation services.
In a regulatory announcement, Good Energy revealed it had agreed to acquire 100% of the solar installer on a debt-free basis for an initial consideration of £7 million. If conditions are met, a further deferred consideration of £1 million in cash will be paid in January 2026. As part of the acquisition, Ryan McShea, founder and director of Empower Energy, will join Good Energy.
This is the second major acquisition that Good Energy has made this month. On October 4, the company announced that it had acquired Amelio Solar Energy, another solar installation company. These acquisitions are part of Good Energy’s plan to expand its commercial solar capabilities after previously focusing more on residential solar installations.
The company has made four solar acquisitions in the past 18 months; earlier this year Good Energy bought solar and storage company JPS Renewable Energy and its subsidiary Trust Solar Wholesale for £7 million.
Nigel Pocklington, CEO of Good Energy, commented: “Good Energy already provides high-quality, consultative commercial solar installation services to customers in the South, and with Empower joining the Group we are stepping this up further. Empower offers commercial solar installations backed by 15 years of nationwide experience, accelerating Good Energy’s solar offering.
“Following Good Energy’s fourth solar acquisition in 18 months and the second in just weeks, we have rapidly scaled our service coverage and capacity. We will now focus on integrating these companies under the Good Energy brand.”
Good Energy continues its growth
Good Energy has undergone a significant growth trajectory in recent years, both in terms of scale and diversity of services.
Earlier in October, the company launched a new service for electricity generators with feed-in tariffs (FIT), to help them register for the Renewable Energy Guarantees of Origin (REGO) scheme. FIT microgenerators, which have historically been left out of the REGO system due to its complexity, can now use Good Energy’s FIT REGO Boost service, developed in partnership with energy regulator Ofgem, to streamline the application process.
In August, Good Energy launched a new export tariff for its solar customers, at a rate of 40 cents per kilowatt hour, fixed for 12 months. The company claims that this is the highest export rate available in the market.
The company enjoyed tremendous success in 2023, announcing that revenue increased 45.6% year-on-year in the first half of 2023.
