Wiltshire renewable electricity supplier Good Energy has agreed a deal to buy a Lincolnshire solar installation company for £6m.
The Chippenham-headquartered firm has acquired Amelio Solar for an initial consideration of £5.5m, payable in cash on completion. A further £500,000 will become payable in the first quarter of 2025 if the North Hykeham business achieves its profit targets for the year ending December 31.
Richard Jones, Amelio Solar founder and Solar Energy UK board member, will remain employed to support the post-acquisition transition and integration period.
Amelio has established operations across Lincolnshire and the north of England.
Nigel Pocklington, chief executive of Good Energy, said: “Amelio Solar is a perfect fit for Good Energy as we continue to grow our clean energy service offerings, especially in the commercial and public sectors where demand for solar installations remains strong and less susceptible to the cyclical fluctuations seen in the domestic market.
“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.”
It is the latest in a number of acquisitions by Good Energy which is significantly expanding its presence in the solar installation market. Earlier this year the business struck a deal for a Kent-based company for £13.7m.
In September, Good Energy said it was “well placed for growth” after half-year profits dropped by more than a quarter. The company reported revenues of £97.4m for the period – down on £156.1m in the first half of last year.
Full-year profit expectations remain unchanged.