Good Energy CEO, Nigel Pocklington. Image: Good Energy.

Electricity and clean energy service supplier Good Energy Group PLC has acquired Amelio Solar, a solar installation company based in Lincolnshire.

Good Energy acquired 100% of Amelio Solar’s issued share capital on a debt-free, cash-free basis for an initial consideration of £5.5 million, payable in cash upon completion. Should Amelio Solar achieve gross profit targets for the year ending 31 December 2024, this could reach £6 million with a further payment payable in cash in the first quarter of 2025.

At the moment, Good Energy’s offering is weighted to domestic installation. Good Energy aims to expand its capability in decentralized energy services by expanding its geographical presence in the solar installation market; Amelio Solar operates in the commercial solar sector and has experience in education and public sector projects.

For the financial year ended 31 December 2023, Amelio Solar reported revenue of £7.1 million and profit before tax of £1.4 million. The acquisition is expected to make a material contribution to Good Energy’s earnings from 2025 onwards.

Good Energy CEO Nigel Pocklington said: “Amelio Solar’s proven ability to deliver large, complex solar projects will enable us to better support businesses and public sector bodies in cutting their carbon emissions while positioning Good Energy as a leader in commercial solar solutions.”

The renewable energy company had an impressive 2023, in H1, reporting a staggering 168% year-on-year increase in reported gross profit to £32.7 million from 2022’s £12.2 million. 

This latest acquisition follows Good Energy taking on solar and storage firm JPS Renewable Energy and its subsidiary Trust Solar Wholesale at the beginning of 2024. Good Energy paid an upfront amount of £7 million for the company, which is based in Maidstone, Kent.

On the domestic side, Good Energy recently launched an export tariff of 40p per kilowatt-hour for customers of its solar branch, Good Energy Solar. The rate is fixed for 12 months and is double the company’s previous tariff, HomeGen. Good Energy’s director of sales and origination said that HomeGen was the first export tariff for UK homes.

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