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 that it had agreed to acquire 100% of the solar installer on a debt-free basis for an initial £7 million consideration. Subject to conditions being met, further deferred consideration of £1 million will be payable in cash in January 2026. As part of the acquisition, Ryan McShea, founder and managing director of Empower Energy, will join Good Energy.
This is the second major acquisition Good Energy has made this month. On 4 October, the company announced that it had acquired Amelio Solar Energy, another solar installation firm. These acquisitions form part of Good Energy’s plan to expand its commercial solar installation capabilities, having previously been more focused on domestic solar installations.
The firm has made four solar acquisitions in the past 18 months; earlier this year, Good Energy purchased solar and storage company JPS Renewable Energy and its subsidiary firm Trust Solar Wholesale for £7 million.
Nigel Pocklington, CEO of Good Energy, commented: “Good Energy is already providing high quality, consultative commercial solar installation services to customers in the South, and through Empower joining the Group we are stepping this up further. Offering commercial solar installation backed by 15 years of experience nationwide, Empower accelerates Good Energy’s solar service offering.
“As the fourth solar acquisition Good Energy has made in 18 months and the second in only weeks, we have rapidly scaled our service coverage and capability. We will now be focussed on integrating these businesses under the Good Energy brand.”
Good Energy continues growth
Good Energy has been on a significant growth trajectory in recent years, both in regard to scale and diversity of services.
Earlier in October, the company launched a new service for feed-in tariff (FIT) electricity generators, to help register them for the Renewable Energy Guarantees of Origin (REGO) scheme. FIT microgenerators, who have historically been left out of the REGO system due to its complexity, can now use Good Energy’s FIT REGO Boost service, which has been developed in collaboration with energy regulator Ofgem, to streamline the application process.
In August, Good Energy launched a new export tariff for its solar customers at a 40p per kilowatt-hour rate, fixed for 12 months. The company claims that this is the highest export tariff available on the market.
The firm saw immense success in 2023, announcing that its H1 2023 revenue had skyrocketed by 45.6% year on year.
