Bord Gáis Energy acquires Irish Solar PV Installer, Swyft Energy
Bord Gáis Energy acquires Leading Irish Solar PV Installer, Swyft Energy, to expand its presence in the Solar Energy Sector
Deal will deliver 10,000 Solar Installations over next 5 years
18 November 2024 – Bord Gáis Energy today announced the acquisition of Swyft Energy, a leading solar PV provider in Ireland* for an undisclosed sum**. Bord Gáis Energy already operates in the solar PV market: directly to residential customers, and through its partnership with Irish Farmer’s Association delivering solar PV to farms across Ireland, helping farmers transition to green energy. The acquisition of Swyft Energy now brings deeper solar PV capability to residential as well as business and farming customers of Bord Gáis Energy, as the company transitions to a green energy business.
Swyft Energy, a technology-led solar PV and boiler installation company, brings over six years of experience in delivering customer-focused solutions using a digital-first platform. This acquisition enhances Bord Gáis Energy’s highly skilled workforce and strengthens its customer proposition. With a target of 10,000 installations over the next 5 years, this will allow Bord Gáis Energy to compete better for the growing demand for solar energy in residential, commercial and agricultural sectors. Customers can save an average of 50-70% on their electricity bills with the installation of rooftop solar panels.
The transaction delivers robust standalone returns aligned to Bord Gáis Energy and Centrica’s capital allocation framework and creates future optionality around customer-focused energy transition installations.
Dave Kirwan, Managing Director of Bord Gáis Energy, said:
"Bord Gáis Energy is fundamentally repurposing its business to seek to become a leading green energy business, working towards energising a greener, fairer future. We make energy, we store it, we move it and we sell it. In doing all of that, we are committed to achieving net zero by 2045, and to helping our customers reach net zero by 2050. We're working with our 730,000 residential, commercial and agricultural customers to help them become more energy efficient and move to renewable energy solutions.
“By 2030, Bord Gáis Energy expects all of its electricity customers to be powered with indigenous renewable generation. The role of solar in this transition is compelling – our customers can save up to 70% off electricity bills. The Government’s Climate Action Plan (CAP) is targeting 8 GW of installed solar capacity by 2030 and residential, business and agri solar will play a key role in delivering on those targets. Alongside our investment in offshore wind, hydrogen and Peaker plants, the acquisition of Swyft Energy is another key component in the energy transition. With Bord Gáis Energy and Swyft Energy combining to bring a great product with a highly skilled and talented workforce and deliver excellent customer service, we are confident of expanding our presence in this key green energy segment.”
Adrian Casey, Co-Founder of Company Swyft Energy added:
"Joining Bord Gáis Energy allows us to scale our operations and bring innovative solar solutions to more homes and businesses, driving Ireland’s transition to a renewable future. We are excited to combine our technology platform and experienced team, with Bord Gáis Energy’s brand and large customer base to deploy energy products at scale over the coming years. The demand for Solar PV is driving forward at a pace, with many people keen to make the switch, especially when they realise potential savings.”
*Transaction is subject to approval by the Competition and Consumer Protection Commission.
**Investment is a demonstration of Centrica’s plan to increase investment over the coming years as part of its green-focused growth and investment strategy, to build annual capital investment to £600m-£800m until at least 2028. Centrica is a uniquely integrated energy company operating primarily in the UK and Ireland which aims to deliver long-term value for investors by driving and leading the energy transition through our distinct, but complementary businesses.