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    Good Energy acquires a British solar company

    Good Energy Group has revealed its engagement in a conditional binding agreement to purchase the complete issued share capital of JPS Renewable Energy, a specialized company focusing on solar and storage installation and distribution.

     

    The acquisition encompasses Trust Solar Wholesale, a separate distribution and procurement business located in Maidstone, Kent, England. The deal, valued at £7 million initially, is on a debt-free, cash-free basis, with an additional deferred consideration of up to £6.75 million, payable in cash over a two-year period, contingent upon specific performance conditions. The total maximum consideration amounts to £13.75 million.

     

    The initial payment of £3.7 million will be made upon completion, including the issuance of 1,322,000 new ordinary shares of 5p each in the company. Part of these shares has been placed on behalf of JPS Group’s selling shareholders through a vendor placing, generating around £2.1 million at a price of 250p per placing share. This placement price represents a 9.4% discount to the mid-market closing price on 9 February 2024.

     

    The remaining 480,000 consideration shares will be retained by the vendors and subject to a 12-month lock-up period and orderly marketing arrangements. These vendor-held shares constitute approximately 2.8% of the company’s expanded share capital upon admission.

     

    Nigel Pocklington, Good Energy Group chief executive, commented “The acquisition of the JPS Group is an exciting next step in Good Energy’s growth strategy and further solidifies our position as the UK’s go-to solar specialist. Solar is experiencing a boom in the UK and its role in decarbonising our energy system is absolutely crucial.”

     

    “Installations are back at the peak we saw during the introduction of the Feed-in-Tariff — another period in which Good Energy was a key player, leading to our position as the largest voluntary administrator of the scheme today with over 180,000 solar generator customers.

     

     “The solar installation market was worth £1.9bn in 2023 with installations growing 38% on already strong growth in 2022. This is pronounced in the South East, which is the region with the fastest rate of domestic installations in the country.

     

    “The JPS  Group has carved a position as a leading installer across the region, serving as the solar specialist in the South East of the UK for larger homes and properties with more complex requirements. It is growing at a significant rate to help supply a specific market that is demanding premium clean energy products and services, which Good Energy is well positioned to provide as a premium, trusted and truly green energy supplier.

     

     “Having integrated our previous acquisitions we are already marketing solar, storage and heat pumps alongside supply as everything you need for a greener home or business. Integrating JPS Group under the Good Energy brand will help to grow and consolidate Good Energy’s market share, affirm us as solar and storage experts, while also providing the opportunity for Good Energy to introduce its wider product suite to a new customer base.”

     

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