A company with links to the United Arab Emirates Royals approached one of UK’s leading green electricity providers about a possible takeover.
Good Energy in Wiltshire, which provides renewable energy to approximately 245,000 households, announced that it received an unsolicited offer for takeover from Dubai-based Esyasoft last Friday.
Esyasoft is controlled by Abu Dhabi International Holding Company, the investment company headed by Sheikh Tahnoun bin Zayed Al Nahyan. He is the son of UAE founder and a member of Abu Dhabi ruling families.
Good Energy, launched in 1999 by Juliet Davenport was the first “challenger supplier” to compete with established firms such as British Gas. It provides renewable energy for homes and also installs heat pumps, batteries, and solar panels.
About 180,000 Good Energy customers, in addition to receiving their energy from Good Energy also feed extra energy produced by solar panels into the grid via the feed-in tariff.
Good Energy announced Monday that it was evaluating an offer, but there was no certainty as to what terms would be included or even if one would be made. Esyasoft has until the 25th of November to submit a formal offer.
Good Energy has acquired five companies in the last two years. These include solar power installation firms Wessex EcoEnergy based in Dorchester in Dorset and JPS Group based out of Maidstone in Kent.
It acquired Igloo Works in 2022 to make its first entry into the heat-pump installation sector.
Davenport retired after 20 years with the company. Nigel Pocklington was appointed to replace him.
Ofgem, the energy regulator, censured the company last year and ordered it to pay £1.25m for overcharging 7,000 households £391,650 or approximately £109 in their energy bills.
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