Esyasoft to acquire renewable energy supplier Good Energy Group in £99.4m deal

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Esyasoft Investment Holding RSC Limited, a subsidiary of Esyasoft Holding Limited, has announced a £99.4 million acquisition of PLC through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. This strategic move is expected to accelerate the UK’s renewable energy transition, enhancing Good Energy’s market position in the green .

The Good Energy acquisition allows Esyasoft to establish a foothold in the UK renewable energy market while leveraging its expertise in smart grid technology. Good Energy shareholders will receive 490 pence per share, representing a 66% premium over the closing price of 295 pence per share on 25 October 2024, and an 81% premium over the one-month volume-weighted average price (VWAP) of 271 pence per share before the offer period.

How does Esyasoft’s acquisition align with its renewable energy goals?

Esyasoft, headquartered in Dubai, specialises in smart grid technology and renewable energy solutions. Known for its AI-driven smart meter technology, battery storage, and analytics, Esyasoft serves over 25 million consumer meter connections globally—a figure expected to double by 2026. The Esyasoft investment deal aligns with the company’s broader mission to foster a green energy transition by expanding its reach in international markets, particularly in the UK.

Bipin Chandra, CEO and founder of Esyasoft Holding, remarked on the synergy between the two companies:

“Good Energy, like Esyasoft, is driven by a vision to deliver a smart, green, and sustainable energy future for all. Through our strategic partnership, we can support Good Energy in accelerating the delivery of its purpose and growth ambitions.”

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Why did Good Energy accept Esyasoft’s acquisition offer?

Founded in 1999, Good Energy has been a pioneer in providing 100% renewable electricity and has shifted towards becoming a comprehensive Energy-as-a-Service (EaaS) provider. This transition included expanding into solar power, heat pumps, and EV charging infrastructure. The Good Energy acquisition by Esyasoft provides the financial backing needed to further these initiatives, with the potential to expand services beyond the UK.

, CEO of Good Energy, commented on the acquisition’s benefits:

“This deal offers Good Energy a chance to scale its renewable energy transition faster than we could achieve as an independent, publicly traded company. Esyasoft’s financial resources and market presence will help us grow beyond the UK and enhance our mission to power a cleaner, greener future.”

What challenges has Good Energy faced in its growth journey?

Despite its leadership in renewable energy services, Good Energy has encountered capital constraints. To expand its power procurement and enter into multi-year Power Purchase Agreements (PPAs) with renewable generators, the company requires more significant financial resources.

Additionally, Zapmap, Good Energy’s investment in the UK’s electric vehicle (EV) charging market, demands further investment for profitability. Zapmap, with nearly one million registered users, serves as a critical tool for EV drivers, offering comprehensive charging data.

How will Esyasoft’s investment impact Good Energy’s market position?

The Esyasoft investment deal is expected to provide the necessary capital for Good Energy to scale its operations, explore international markets, and bolster its EaaS offerings. The acquisition will facilitate Good Energy’s ability to expand its customer base and introduce its services to new regions where Esyasoft already operates.

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By becoming part of Esyasoft, Good Energy gains access to an extensive network and the technological infrastructure required to compete in the global renewable energy market. The acquisition aims to transform Good Energy into a dominant player, potentially enhancing its role as a leading global green energy provider.

What does the acquisition mean for Good Energy shareholders?

For Good Energy shareholders, the 490 pence per share offer represents a 66% premium over the last closing price and substantial gains compared to historical averages. The Good Energy board has unanimously recommended the offer, recognising the enhanced growth potential under Esyasoft’s ownership.

What are the next steps for the Esyasoft-Good Energy acquisition?

The transaction is subject to shareholder and regulatory approvals, with expectations for the acquisition to become effective in the first half of 2025. Esyasoft has already secured irrevocable commitments from major shareholders, including Ecotricity Group Limited, founder Juliet Davenport, and investor André Fernon, representing approximately 29.39% of Good Energy’s ordinary share capital.

The acquisition requires approval from at least 75% of voting shareholders at the Court Meeting and General Meeting. Following these approvals, the scheme will be sanctioned by the Court and a copy of the Court Order will be submitted to the Registrar of Companies.

What future opportunities does this acquisition unlock?

The acquisition positions Good Energy to expand its renewable services internationally, tapping into Esyasoft’s established markets in Europe, UAE, and India. The shared vision between the companies to promote a sustainable energy future could lead to innovative cross-border energy solutions.

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, Chair of Good Energy, stated:

“This acquisition not only offers good value for shareholders but also accelerates Good Energy’s purpose of becoming a leader in clean energy services. It is a strategic move that will foster growth beyond the limitations of the public market.”

Juliet Davenport, founder and former CEO of Good Energy, highlighted the acquisition’s impact:

“The energy industry has evolved dramatically since Good Energy was founded. This new partnership will allow us to lead in decentralised and flexible clean power solutions for the future.”

How does this acquisition reflect the broader energy market trends?

The acquisition underscores the growing significance of strategic investments in renewable energy companies. As countries aim to meet climate targets, consolidations like the Good Energy acquisition reflect a shift towards large-scale, sustainable energy projects that combine technological innovation with market expansion.

The Esyasoft investment deal could serve as a blueprint for future mergers in the green energy sector, demonstrating the value of collaboration in addressing global energy challenges.


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