Acquisition bolsters ESB’s position in UK energy supply market with more than 300,000 customers
ESB acquires majority shareholding in UK energy retailer, So Energy Limited. (Credit: Couleur from Pixabay)
ESB has acquired a leading UK energy supplier, So Energy, to enhance its position in the UK retail market and continue its commitment to delivering clean, secure, and affordable energy to its customers.
The merger of So Energy and ESB Energy (ESB’s UK retail brand) will result in a business serving more than 300,000 customers, with the company continuing to trade as So Energy with ESB retaining 75% of the new combined entity.
ESB has operated in the UK for nearly 30 years, investing more than €2 billion in generation assets including wind and solar while also providing EV charging infrastructure in London, Coventry and Birmingham. In 2018, the company entered the competitive energy retail market with the launch of ESB Energy and roll-out of green tariffs and focus on customer solutions and offerings.
Commenting on the merger, Marguerite Sayers, Executive Director, Customer Solutions at ESB, said: “For nearly 30 years, ESB has successfully operated as a leading independent generator in the UK and built on this with the launch of ESB Energy and ESB EV Solutions in recent years. The merger with So Energy is another significant milestone in our UK business, while further enhancing our customer offering and growth potential. So Energy’s customer centricity and commitment to a low-carbon future mirrors our strategy and it is our intention to build on that success. We are really looking forward to integrating with and building a bright future with the So Energy team.”
So Energy is an award-winning UK green energy retailer based in Chiswick, London. It was founded in 2015 by Simon Oscroft and Charlie Davies, both former Macquarie energy traders, as a disruptive challenger in the UK’s energy retail market. It has excelled with in-house technology to provide innovative customer solutions associated with the transition to a low-carbon future.
Simon Oscroft, Chief Executive of So Energy, said: “This new, supercharged So Energy now has the backing and resources to become the next big green energy supplier in the UK. We wanted a partner that shared our values and vision to scale our business in a sustainable way and develop more industry leading net zero solutions for our customers. ESB’s resources, strong heritage and significant green energy investments – including their EV charging infrastructure and wind generation portfolio – will enable us to do this. I would also like to wholeheartedly thank our shareholders who have helped us on the So Energy journey so far.”
The merger is expected to be completed in the coming months.
Source: Company Press Release