Pinergy, the smart energy supply & solutions business has today announced that it has acquired Solar Electric, Ireland’s leading designer and installer of solar renewables and energy storage systems. Established in 2012 and based in Killanne, Enniscorthy, Co. Wexford, Solar Electric has been at the forefront of the emerging micro-generation sector in Ireland and is now seeing strong growth and demand for its services as more businesses and homes seek to generate their own electricity.
Shortly, we will see the introduction of “export” tariffs in Ireland for the first time, which means that homes & businesses with Solar PV installations will be able to sell any excess electricity back to licensed energy suppliers like Pinergy. The Irish Solar Energy sector is expected to grow significantly over the next decade as Government policy and the Electricity infrastructure will aim to deliver on our 2030 climate targets.
Commenting on this latest development for Pinergy, Enda Gunnell, chief executive at the company said: “This investment significantly builds on the working relationship we have had in place with Solar Electric since 2017. We see great opportunity in the Solar PV & Energy storage sector where we can help our clients to self-generate, store, use or sell onward the energy that they do not use. Thus, treating energy as a resource, not a commodity.”
According to Gunnell: “With Ireland’s Climate Action Bill now passed and commitments on targets to have the country achieve net zero emissions by 2050, there will clearly need to be an acceleration in the Solar PV estate across Ireland as part of our renewable energy mix. In addition, the rollout of the Microgeneration Support Scheme, when launched, will play a vital role in the energy transition, encouraging businesses and communities to generate their own energy and sell excess renewable energy into the national grid. Our acquisition of Solar Electric will empower our customers to better optimise their energy needs from either the Grid or via Solar generation. We very much look forward to working more closely with the team at Solar Electric to better serve our customers so they can all play their part in a sustainable energy future.”
Tom Foley, Founder of Solar Electric said: “Pinergy’s investment in our business is a real vote of confidence in the Solar Electric story. Both Pinergy and Solar Electric are looking at energy generation, supply and consumption in new and innovative ways. The latest technology together with clarity and insights mean our clients are in total control of their energy needs. I am very confident that our combined offering and expertise will further enhance our already ambitious growth strategies to treble the size of our Solar PV & Energy Storage business during the next five years. We are looking forward to working with the team in Pinergy to tap into their expertise, innovation and insights.”
Solar Electric has designed & installed Solar PV infrastructure in 100’s of homes, commercial businesses, semi states and farms across the country helping these clients to go ‘off grid’ for some or all of their energy needs.
The Directors of Solar Electric, Tom Foley and Robert Goss, will continue to drive the solar business with Enda Gunnell and Peter Bastable joining the board. Both Pinergy and Solar Electric will continue to operate as distinct businesses and this latest investment will have no impact on the day-to-day business operations of the respective companies.