State-owned ESB has acquired UK energy supplier So Energy, which said the merger will give it the backing and resources to become "the next big green energy supplier in the UK".
The merger of So Energy and ESB Energy, the group’s UK retail brand, will result in a business serving more than 300,000 customers. The company will continue to trade as So Energy, with ESB retaining 75 per cent of the new combined entity.
ESB has operated in the UK for nearly three decades, investing more than €2 billion in generation assets including wind and solar, while also providing electric vehicle charging infrastructure in London, Coventry and Birmingham.
In 2018, the company entered the competitive energy retail market with the launch of ESB Energy and the rollout of green tariffs.
Marguerite Sayers, executive director, customer solutions at ESB, said: “For nearly 30 years ESB has successfully operated as a leading independent generator in the UK and built on this with the launch of ESB Energy and ESB EV Solutions in recent years.
“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.”
So Energy is a UK green energy retailer based in Chiswick, 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.
ESB said it has “excelled with in-house technology to provide innovative customer solutions associated with the transition to a low-carbon future”.
So Energy chief executive Simon Oscroft said the “new, supercharged” company now has the backing and resources to become “the next big green energy supplier in the UK”.
“We wanted a partner that shared our values and vision to scale our business in a sustainable way and develop more industry leading net-zero solutions for our customers,” he said.
“ESB’s resources, strong heritage and significant green energy investments – including their EV charging infrastructure and wind-generation portfolio – will enable us to do this. I would also like to wholeheartedly thank our shareholders who have helped us on the journey.”
The merger is expected to be completed in the coming months.