SSE Airtricity acquires 40pc of Activ8 Solar Energies
Airtricity owner SSE has acquired a 40pc share of Co Monaghan-based Activ8 Solar Energies.
In addition to the 40pc acquisition, SSE has the option to purchase a further 10pc of Activ8, which supplies rooftop solar systems to home and business customers, within the next two years.
The deal, financial details of which have not been disclosed, sees SSE Airtricity further expand its presence in Ireland's renewable energy sector.
Describing the acquisition as another "significant step" in the development of its growing commercial and domestic energy services offering, Stephen Gallagher, SSE Airtricity's director of business energy, said that the deal would see the two companies bring their "combined strengths and unique offerings to a much-wider domestic and commercial customer base, including SSE Airtricity's 750,000 energy supply customers across the island".
Under the terms of the deal, the existing Activ8 management team will continue to lead the Activ8 business, while the business will continue to trade as Activ8 Solar Energies.
Based in Carrickmacross, Activ8 employs around 40 people including engineers, plumbers and electricians.
The company has been in business for over 10 years, and has supplied and installed over 7,000 solar energy systems across the island of Ireland.
"This major investment by SSE Airtricity into our business represents an exciting step forward for the growth of our business and service offering at Activ8," said Ciaran Marron, chief executive of Activ8 Solar Energies. "We look forward to working together with SSE Airtricity as we develop new customer offerings."
SSE has previously worked with Activ8 in 2016. Activ8 was selected by SSE as a preferred partner in the delivery of Sustainable Energy of Ireland-supported domestic and community-based retrofit schemes. Meanwhile, last year Activ8 partnered with SSE Airtricity to install a 1,400-panel rooftop array covering more than 2,300 squared meters and generating 420-kilowatt peak (kWp) of solar energy at the SSE Arena in Belfast.
At the end of September last year, Airtricity supplied power to a total of 770,000 households and businesses across Ireland. That figure was down from 790,000 at the end of March 2017. SSE blamed the decline on competitive pressure.
In 2016-2017, SSE generated revenue of £746.6m (€852m) in Ireland, while in the UK the company generated revenue of £28bn (€31.9bn).
The deal, which is expected to be completed in the coming months, is subject to approval by the Competition and Consumer Protection Commission.