Green energy supplier So Energy merges with Ireland’s ESB in bid to become the UK’s leading renewable energy company
- The merger with the energy companies will be completed in the coming months
- It will result in a company serving more than 300,000 customers
- So Energy will continue to trade under its name, with ESB retaining 75% of the new combined entity
UK renewable energy supplier So Energy has been acquired by Ireland’s leading energy company ESB.
The British company says the merger, to be completed in the coming months, will give it ‘the support and resources to become the UK’s next major green energy supplier’.
Both companies say their strategies are aligned as they already supply 100 percent renewable electricity exclusively, and So Energy recently launched a premium solar and battery storage solution for customers.
UK renewable energy supplier So Energy has been acquired by Ireland’s leading energy company, ESB
The merger of So Energy, headquartered in London, and ESB Energy GB (ESB’s UK retail brand) will result in a company serving more than 300,000 customers.
The company will continue to trade as So Energy, with ESB retaining 75 percent of the new combined entity.
Operating in the UK for nearly 30 years, ESB invests more than €2 billion (£1.7 billion) in generation assets, including wind and solar, and also provides charging infrastructure for EVs in London, Coventry and Birmingham.
In 2018, the company entered the competitive energy retail market with the launch of ESB Energy and the rollout of green tariffs and focus on customer solutions and offers.
Marguerite Sayers, executive director of customer solutions at ESB, described the merger with So Energy as “another important milestone” in the company’s UK operations, enabling it to enhance and further expand its customer offering.
She added: “So Energy’s customer focus and commitment to a low-carbon future reflects our strategy and our intention is to build on that success.”
So Energy, which was founded in 2015 by former Macquarie energy traders Simon Oscroft and Charlie Davies, wanted to be a disruptive challenger in the UK energy retail market.
It has excelled with in-house technology in an effort to make a smooth transition to a low-carbon future.
ESB has been operating in the UK for nearly 30 years, investing more than €2 billion in generating assets, including wind and solar, and also providing charging infrastructure for electric vehicles in London, Coventry and Birmingham
Commenting on the merger with ESB, Simon Oscroft, CEO of So Energy, said: “This new supercharged So Energy now has the backing and resources to become the next major green energy supplier in the UK.
“We wanted a partner who shared our values and vision to sustainably scale our business and develop more industry-leading net zero solutions for our customers. ESB’s resources, strong heritage and significant investments in green energy – including their EV charging infrastructure and wind generation portfolio – will enable us to do this.
‘I would also like to sincerely thank our shareholders who have helped us on the So Energy journey thus far.’
Thus, the Energy co-founders will retain their stake in the company and will remain on the executive team led by new CEO Monica Collings, currently ESB Energy’s CEO.