Good Energy buys solar installation firm Amelio Solar

AIM-listed renewable electricity supplier Good Energy Group has announced the acquisition Lincolnshire-based solar installation company Amelio Enterprises for £6m.

Amelio, which has a presence in the commercial solar sector and experience in education and public sector projects, expands Good Energy's decentralised energy services offering, as well as its geographical presence in the solar installation market.

Good Energy will pay an initial consideration of £5.5m in cash on completion, followed by a deferred consideration of up to £0.5m in the first quarter of 2025, dependent on certain profit targets.

Good Energy is able to pay using existing resources while retaining "sufficient balance sheet flexibility" to further pursue its strategy, the company said.

The deal is expected to make a "material contribution" to Good Energy's earnings from 2025 onwards.

"Amelio Solar is a perfect fit for Good Energy as we continue to grow our clean energy service offerings, especially in the commercial and public sectors where demand for solar installations remains strong and less susceptible to the cyclical fluctuations seen in the domestic market," said chief executive Nigel Pocklington.

The stock was up nearly 6% at 275p by 0832 BST.