4th Oct 2024 11:57
(Alliance News) - Good Energy Group PLC on Friday announced its acquisition of Amelio Enterprises Ltd, a Lincolnshire, England-based solar installation company with experience in education and public sector projects.
The Chippenham, England-based renewable electricity supplier and energy services provider said the acquisition was part of the company's strategy to expand its capability in decentralised energy services, through the expansion of its geographical presence in the solar installation market.
Good Energy has acquired 100% of the issued share capital of Amelio Solar on a debt-free, cash-free basis for an initial consideration of GBP5.5 million.
A deferred consideration of GBP500,000 may become payable in cash in the first quarter of 2025 if Amelio Solar achieves gross profit targets for the year ending December 31.
Amelio Solar reported revenue of GBP7.1 million and pretax profit of GBP1.4 million for the financial year ended December 31, 2023.
Chief Executive Officer Nigel Pocklington 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."
Good Energy believes the acquisition will make a "material contribution" to its earnings from 2025 onwards, as Amelio Solar continues to scale its commercial installation capacity.
Shares in Good Energy Group were up 4.8% at 272.40 pence each in London on Friday morning.
By Emily Parsons, Alliance News reporter
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