Good Energy receives takeover proposal from Dubai-based group

Renewable energy specialist Good Energy has been approached by a Dubai-based technology group with a takeover proposal, while also revealing an acquisition of its own.

The “unsolicited” approach has come from Esyasoft, an international technology group focused on smart utility solutions and software.

The board of the Chippenham energy company is “evaluating the possible offer” but has not revealed the indicative terms.

Good Energy closing share price on Friday valued the group at £50m, although its market value had been as high as £70m at the start of this year. When the stock market opened this morning, Good Energy’s share price jumped 30% to take its value back up to the year-high mark, before settling lower by mid-morning with the market cap around £63m.

Esyasoft has until November 25 to confirm its intention to make an offer.

Separately, Good Energy has bought solar installation company Empower Energy in a deal worth up to £8.0m.

The deal will see £6.25m paid in cash and £0.75m in shares now, with potentially a further £1.0m cash due in January 2026.

The combination of Empower, the recently-acquired Lincolnshire-based Amelio, and Good Energy’s existing solar installation capability across the south, “represent a major step towards completing Good Energy’s strategic objectives in the solar installation market”, the company said.

Nigel Pocklington, chief executive of Good Energy, said: “Good Energy is already providing high quality, consultative commercial solar installation services to customers in the South, and through Empower joining the group we are stepping this up further.

“As the fourth solar acquisition Good Energy has made in 18 months and the second in only weeks, we have rapidly scaled our service coverage and capability.”