ESB buys majority shareholding in UK energy retailer

 

ESB announced last week it has acquired a majority stake in UK energy supplier So Energy as it seeks to enhance its position in the UK retail market.

The merger of So Energy and ESB Energy - ESB's UK retail brand - will result in a business serving more than 300,000 customers, with the company continuing to trade as So Energy.

Under the terms of the deal, ESB will retain 75% of the new combined entity.

So Energy is an award-winning UK green energy retailer based in Chiswick in 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 has operated in the UK for nearly 30 years, investing more than €2 billion in generation assets, including wind and solar, while also providing EV charging infrastructure in London, Coventry and Birmingham.

In 2018, the company entered the competitive energy retail market with the launch of ESB Energy and roll-out of green tariffs and focus on customer solutions and offerings.

"The merger with So Energy is another significant milestone in our UK business, while further enhancing our customer offering and growth potential," commented Marguerite Sayers, Executive Director at Customer Solutions at ESB.

"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," she added.

The merger is expected to be completed in the coming months.

There are around 50 energy suppliers in Britain.