Bord Gáis Energy has completed its acquisition of solar panel provider Swyft Energy following approval by the Competition and Consumer Protection Commission (CCPC).
Terms of the deal have not been disclosed
Bord Gáis already operates in the solar PV market, selling directly to residential customers in additional to its partnership with the Irish Farmers' Association to provider panels to farms.
The deal for Swyft Energy, which has more than six years' experience in solar PV and boiler installation using a digital-first platform, deepens the company's solar PV capability and brings a large number of business and farming customers to Bord Gáis Energy as it transitions to become a green energy business.
Bord Gáis said the acquisition would enhance its workforce and strengthen its customer proposition while assisting in meeting is target of 10,000 solar PV installations over the next five years.
The transaction also "delivers robust standalone returns aligned to Bord Gáis Energy and [parent firm] Centrica’s capital allocation framework and creates future optionality around customer-focused energy transition installations," according to the company.
Bord Gáis Energy has targeted achieving net zero emissions by 2045, and helping its 730,000 residential, commercial and agricultural customers customers to reach net zero by 2050.
“The completion of the acquisition of Swyft Energy by Bord Gáis Energy following approval by the CCPC marks an exciting milestone as we work to energise a greener, fairer future," said Teresa Purtill, services and solutions director at Bord Gáis Energy.
"We know that solar power will play an integral role in achieving this and I’m delighted that we have brought Swyft Energy into the Bord Gáis Energy family allowing us to build further on our solar power energy offering.
"We can now begin the important work of delivering on our target of 10,000 solar installations across the country by 2030, helping more customers enjoy the benefits of solar energy while supporting the government's Climate Action Plan targets.”
Adrian Casey, co-founder of Swyft Energy, added: “With the acquisition now completed, we’re excited to officially join forces with Bord Gáis Energy and realise the potential of our combined expertise.
"By integrating our innovative technology platform and dedicated team with the trusted Bord Gáis Energy brand, we’ll be able to scale our operations, bringing the benefits of solar to even more homes and businesses across Ireland.
"As demand for solar soars, our acquisition puts us in a strong position to meet it.”
Bord Gáis Energy posted a profit of €2m in 2023, down €34m from the previous year, and then recorded a profit of €50m for the first half of 2024.
The company is constructing two hydrogen-ready 100MW flexible gas peaking plants in Athlne and Dublin as part of €300m investment in Ireland. The plants are expected to join the grid in the first half of this year.
Ardrar Ltd, trading as Swyft Energy, made a profit of €925,600 in 2023 compared from a loss of €45,200 for 2022, and the company has net assets of €1.5m.
Photo: Swyft Energy founders Adrian Casey and Joe Freyne with Dave Kirwan (centre), managing director of Bord Gáis Energy, and Teresa Purtill (centre right) director of services and solutions, Bord Gáis Energy. (Pic: Julien Behal)
