Utility E.ON UK has today announced it will fully acquire Eco2Solar, a residential and commercial solar installer.
E.ON UK took a 49% stake in the company in December 2020, at which time it was stated Eco2Solar would continue to operate independently. The firm was founded in 2007 and aims to make solar energy a viable standard on every new home.
Solar Power Portal contacted the companies to ask about the financial details of the transaction and was told that the acquisition’s terms are undisclosed, but that the business will continue to operate as before.
In coverage of E.ON’s initial stake, the cost of the acquisition was also not disclosed; Solar Power Portal heard that E.ON made a “fair investment given the scale and potential of Eco2Solar”. Speaking in 2021, E.ON’s Chris Lovatt, chief operating officer for energy infrastructure services, told us he envisaged “very little change in the day-to-day running” of Eco2Solar as a result of the acquisition.
Since the initial transaction, E.ON has ceased activities in the residential new-build sector, but continued retrofit services and commercial and industrial installations. As part of the latter, the utility has taken on delivery of the largest UK roof-mounted solar project at the Port of Liverpool.
Speaking on the most recent transaction with Eco2Solar, Chris Norbury, CEO of E.ON UK, said: “This is another important, strategic step towards accelerating our growth in the new builds market, while connecting residential customers to flexible energy solutions that help to lower their bills, and continuing to lead on the UK’s transition to clean energy.”
The energy supply arm of the company, E.ON Next, partnered with an Australian energy platform, Amber, to offer customers real-time access to dynamic energy prices, reducing bills and offering the opportunity to sell energy back to the grid.
