Utility E.ON UK has announced that it has signed an agreement to fully acquire Eco2Solar, a residential and commercial solar installation company. E.ON UK has already acquired a 49% stake in Eco2Solar back in December 2020. The financial terms of the acquisition were undisclosed.
“This is another important, strategic step towards accelerating our growth in the new builds market, while connecting residential customers to flexible energy solutions that help to lower their bills and continuing to lead on the U.K.’s transition to clean energy”, said Chris Norbury, CEO of E.ON UK.
E.ON has been involved in developing a range of onshore and offshore wind farms across the UK. In October 2019, most of its wind generation operations were transferred to RWE. Since then, E.ON has shifted its focus to supporting customers in adopting more sustainable energy solutions for their homes and businesses.
“My vision has always been to make solar standard and to change the way that we think about how we get our energy in this country. E.ON UK and Eco2Solar have the opportunity and resources to create new models that will make solar and other sustainable technologies available to everyone,” said Paul Hutchens, CEO of Eco2Solar.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, M&A activity was 15% lower year-over-year in 2024, with 82 corporate M&A transactions compared to 96 in 2023.
In February, Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities, announced it has entered into a definitive agreement to be acquired by TPG, a global alternative asset management firm, through its TPG Rise Climate transition infrastructure strategy for $5 per share of its Class A common stock. The all-cash transaction values the company at approximately $2.2 billion.
