The deal will see Good Energy capitalise on the growing interest around solar. Image: Pexels.
Renewable energy provider Good Energy has announced it has acquired solar installation business Wessex EcoEnergy in a deal worth £2.5 million.
As part of the acquisition, Wessex will report under the Good Energy services division and continue to operate under its own brand.
By falling under the Good Energy umbrella, Wessex will be able to offer a full energy service package including solar, storage, heat and export tariffs for its customers. Services will be marketed to both Good Energy’s existing 270,000 customers and new prospects focused in the South West of England.
“Good Energy is fast becoming the UK’s go-to all-in-one solar service company. We have the second largest solar generating customer base, paid out a record amount for solar power last year and have launched market leading smart export tariffs. Bringing Wessex into the business accelerates our solar and storage installations business, as the solar surge which saw installs grow 125% in 2022 continues,” said Nigel Pocklington, chief executive officer of Good Energy.
“Not only does Wessex ECOEnergy’s purpose align with Good Energy’s, its premium, trusted positioning in the South West aligns with Good Energy too.
“There is a £5 to £10 billion growth opportunity in clean energy technology installations among climate conscious consumers. With our trusted legacy and green-motivated existing customer base we are positioned to be a major player in this, and are already kitting out homes with heat pumps, solar and batteries. Now we’re supercharging our solar services.”
Good Energy completed the acquisition of Wessex to capitalise on the growing interest around solar energy as a means to generate low-cost renewable energy and ultimately save more on energy bills. The company recently said that 2022 saw “near record levels” of installations with an increase of over 125% year-on-year to 132,000.
This interest however is only predicted to grow as the UK hurtles towards impending net zero targets. Good Energy said in a statement that it anticipates this market is to grow by 9.9% CAGR to 2030 further showcasing why the company is expanding further into the solar installation sector.
Good Energy has also been expanding into the heat industry via the acquisition of heat pump installer Igloo Works for an initial sum of around £1.75 million, as reported by sister publication Current± in December 2022.
Via the agreement, Good Energy stated that it would provide extra capital for Igloo to scale up its model for installation, services and the maintenance of heat pumps.