Upvolt has acquired renewable energy company SolarKW in a deal aiming to boost the reach of rooftop solar in the Oxfordshire area.
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 seek to acquire more businesses in the renewable energy sector to grow the firm’s presence across the UK.
Upvolt specialises in smart solar installations for homes and businesses, allowing its customers to manage their energy use through their smartphone. The firm also provides battery energy storage systems (BESS) for households.
The price of the sale was not revealed by either party, but SolarKW founder Keith Willis stated that “ultimately, the business was sold for a very acceptable price”. Mergers and acquisitions adviser KBS Corporate advised the firms on the deal.
“We are delighted to welcome SolarKW to the Upvolt family” said Alex Lomax, Upvolt’s CEO.
“This acquisition represents the beginning of an exciting journey for Upvolt as we expand our capabilities, scale our operations and deliver cutting-edge renewable energy solutions to homes and businesses across the UK.”
Rooftop on the rise
With the UK’s solar capacity rising 1GW year on year, and 73% of last year’s new installations occurring on residential properties, rooftop solar is of increasing interest for businesses.
Good Energy made several acquisitions of residential solar PV firms last year. These include solar and storage company JPS Renewable Energy, for which Good Energy paid an upfront price of £7 million, Amelio Solar, which was sold at an initial consideration of £5.5 million; and most recently, solar installer Empower Energy, which was acquired on a debt-free basis for an initial £7 million consideration with an additional £1 million payable in January 2026.
Other firms are seeking to acquire rooftop solar portfolios, rather than the firms themselves. In December last year, AtmosClear Investments announced that it had acquired a 6.4MW operational rooftop solar portfolio from Foresight Environmental Infrastructure.
The portfolio, which comprises 1,016 residential solar assets and 66 commercial ground mount assets, was sold for a total of £21.2 million, with £20.5 million payable upfront and a further £0.7 million in deferred consideration payable following the satisfactory completion of post-completion obligations.
