Mitie swoops for solar energy design and fit firm

The FM specialist will initially pay £8m for Custom Solar followed by a second payment of up to £4.4m.

Mitie said Custom Solar’s design and installation expertise, combined with its own project management and mobile engineering offering, would support Mitie’s ambition to be a leading provider of end-to-end green energy solutions. 

With the demand for sustainable energy solutions set to increase significantly, UK solar power generation is targeted to reach 40GW in 2030, up from current levels of 14GW. 

Announcing the deal this morning, Mitie said it had seen a gap in the market for truly integrated solar solutions, building on its expertise in upgrading the electrical infrastructure and providing grid connections to support the UK’s decarbonisation agenda. 

At the end of last year, Mitie acquired Rock Power Connections, which specialises in high voltage electricity grid connections, electrical infrastructure upgrades and EV charging installations.

In the last 12 months to March, Custom Solar generated revenues of £15m and pre-tx profit of £2m with gross assets of £7m.   

Simon Venn, Managing Director, Technical Services, Mitie, said: “The acquisition of Custom Solar continues Mitie’s strategy of investing in high growth, high return businesses within the energy and decarbonisation market to help our customers accelerate their path to Net Zero.

“With our client base including national brands, public sector organisations and critical infrastructure providers, this is yet another element of our support to help decarbonise Britain.”

The staff and senior management team of Custom Solar, including managing director Matthew Brailsford will join Mitie.

 

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