Good Energy snaps up Lincolnshire-based solar installation company for up to £6m

Chippenham’s Good Energy said it had acquired Lincolnshire-based Amelio Enterprises Ltd for up to £6 million in a deal, which expands the former's geographical presence in the solar installation market.

Amelio Solar has built up a reputation for delivering rooftop solar solutions for businesses, education and public sector entities and the acquisition extends the footprint of the Wiltshire firm's installation capability.

READ MORE: Good Energy acquires Dorchester-based Wessex EcoEnergy to boost solar business

It is expected to make a material contribution to Good Energy's earnings from 2025 onwards.

"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," said Good Energy CEO Nigel Pocklington.

"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."

In the year to end-December, 2023, Amelio Solar reported revenue of £7.1 million and profit before tax of £1.4 million.

Its founder and Solar Energy UK board member Richard Jones will remain employed to support the post-acquisition transition and integration period.

Under the deal, Good Energy has acquired 100 per cent of the issued share capital of Amelio Solar on a debt-free, cash-free, basis for an initial consideration of £5.5 million, payable in cash upon completion.

A further deferred consideration of up to £0.5 million in cash may be payable in cash in the first quarter of 2025, subject to Amelio Solar achieving gross profit targets for the year to end- December, 2024.

Good Energy, founded 25 years ago, is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with more than 2,500 independent UK generators.

Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.