Green energy supplier So Energy merges with Ireland’s ESB

UK renewable energy supplier So Energy has been acquired by Ireland’s leading energy company ESB.

The British firm says the merger, which is set to complete in the coming months, will give it ‘the backing and resources to become the next big green energy supplier in the UK’. 

Both companies say their strategies align, as they already supply exclusively 100 per cent renewable electricity, and So Energy has recently launched a first-of-a-kind 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 London-headquartered So Energy and ESB Energy GB (ESB’s UK retail brand) will result in a business serving more than 300,000 customers.

The company will continue to trade as So Energy with ESB retaining 75 per cent of the new combined entity.

ESB has operated in the UK for nearly 30 years, investing more than €2billion (£1.7billion) 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.

Marguerite Sayers, executive director of customer solutions at ESB, described the merger with So Energy as ‘another significant milestone’ in the firm’s UK business, allowing it to enhance its customer offering and further expand.

She added: ‘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.’ 

So Energy, which was founded in 2015 by former Macquarie energy traders Simon Oscroft and Charlie Davies, set out to be a disruptive challenger in the UK’s energy retail market. 

It has excelled with in-house technology in a bid to make a smooth transition to a low-carbon future.

ESB has operated in the UK for nearly 30 years, investing more than €2bn in generation assets including wind and solar while also providing EV charging infrastructure in London, Coventry and Birmingham

Commenting on the merger with ESB, So Energy CEO Simon Oscroft 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.’ 

So Energy’s co-founders will retain their stakes in the business and continue in the executive team headed by new CEO Monica Collings, currently managing director of ESB Energy.      

This post first appeared on Dailymail.co.uk