ESB, a leading energy company in Ireland, has acquired a majority stake in UK energy supplier, So Energy, to enhance its position in the UK retail market and continue its commitment to delivering “clean, secure, and affordable energy” to customers.
The merger of So Energy and ESB Energy - ESB's UK retail brand - will result in a business serving more than 300,000 customers, with the company continuing to trade as So Energy. Under the terms of the deal, ESB will retain 75% of the new combined entity and the merger is expected to be completed in the coming months.
“Crucially, we’re here to make green energy accessible, affordable and as frictionless as possible as we work towards our goal of enabling net-zero living for our customers. We’ve been doing this not only with our tariffs, but also our first-of-a-kind, full-service solar packages and upcoming developments in our electric vehicle (EV) offering,” So Energy commented in a blog post.
So Energy is an award-winning UK green energy retailer based in Chiswick in London. It was founded in 2015 by Simon Oscroft and Charlie Davies, both former Macquarie energy traders, as a disruptive challenger in the UK's energy retail market.
“Now, we’re ready to take the next step on the road in our journey, and we’re thrilled to have an incredible company joining us, as we can announce that So Energy is joining forces with ESB Energy to become the UK’s next big green energy supplier,” So Energy added.
Moving towards a greener future
ESB has operated in the UK for nearly 30 years, investing more than €2 billion 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.
Commenting on the merger, Marguerite Sayers, executive director, customer solutions at ESB, said: “The merger with So Energy is another significant milestone in our UK business, while further enhancing our customer offering and growth potential. 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. We are really looking forward to integrating with and building a bright future with the So Energy team.”
(Image source: So Energy)