Pinergy acquires Wexford-based PV installer Solar Electric

19 Jul 2021

Pinergy director Peter Bastable and CEO Enda Gunnell with Solar Electric CEO Tom Foley and sales and marketing director Robert Goss. Image: Pinergy

The deal comes on the back of four years of partnership between the two companies.

Energy supplier Pinergy has acquired solar panel installer Solar Electric for an undisclosed amount.

The companies will remain as distinct entities after the move, and there will be “no impact” on the day-to-day activities of either business, according to a statement from Pinergy.

Co Wexford-based Solar Electric, which was founded in 2012 by Tom Foley, installs a range of infrastructure elements for residential and commercial clients, including photovoltaic (PV) panels and batteries for energy storage.

Pinergy is an electricity supplier that works from entirely renewable sources, also serving both businesses and households. Enda Gunnell founded the company in 2012 in Dublin. It saw revenue of approximately €45m in 2020, representing growth of more than 14pc on the previous year.

The deal comes as the Irish Government plans to introduce “feed-in tariffs” in the coming weeks, allowing owners of solar panels and other power-generation infrastructure to sell electricity to the national grid.

Support Silicon Republic

Commenting on the acquisition, Solar Energy CEO Foley said: “Pinergy’s investment in our business is a real vote of confidence in the Solar Electric story. Both Pinergy and Solar Electric are looking at energy generation, supply and consumption in new and innovative ways. The latest technology together with clarity and insights mean our clients are in total control of their energy needs.

“I am very confident that our combined offering and expertise will further enhance our already ambitious growth strategies to treble the size of our solar PV and energy storage business during the next five years. We are looking forward to working with the team in Pinergy to tap into their expertise, innovation and insights.”

Pinergy CEO Gunnell added: “This investment significantly builds on the working relationship we have had in place with Solar Electric since 2017. We see great opportunity in the solar PV and energy storage sector where we can help our clients to self-generate, store, use or sell onward the energy that they do not use.”

He went on: “Our acquisition of Solar Electric will empower our customers to better optimise their energy needs from either the grid or via solar generation. We very much look forward to working more closely with the team at Solar Electric to better serve our customers so they can all play their part in a sustainable energy future.”

Last week, construction began on a 200MW solar farm – Ireland’s largest – in Co Meath.

Jack Kennedy is a freelance journalist based in Dublin

editorial@siliconrepublic.com