Mitie announces Custom Solar acquisition

Mitie Group is defined to reinforce its decarbonisation remedy offering having entered right into a sale and buy agreement (SPA) to obtain the complete issued share funds of Customized Solar Ltd, a solar powered energy solutions business specialising in the growth, design, maintenance and installing solar powered energy systems for community and private sector customers.

With the demand for sustainable power solutions set to improve significantly, UK solar powered energy generation is geared to achieve 40GW in 2030, from current degrees of 14GW1 up. Mitie’s strategy would be to fill up a gap searching for really integrated solar options, building on its experience in upgrading the electric infrastructure and supplying grid connections to aid the UK’s decarbonisation agenda. This follows Mitie’s latest acquisition of Rock Strength Connections which specialises in higher voltage electrical power grid connections, electric infrastructure upgrades and EV charging installations.

In accordance with Mitie, Custom Solar’s set up and design expertise, combined with its market leading project administration and cellular engineering offering, will assistance Mitie’s ambition to become a leading service provider of end-to-end green power solutions.

Simon Venn, Managing Director, Technical Providers, Mitie, mentioned: “The acquisition of Customized Solar continues Mitie’s technique of buying high growth, higher return companies within the decarbonisation and power market to greatly help our clients accelerate their way to Net Zero.

“Custom Solar’s knowledge in large scale industrial solar deployments, coupled with Mitie’s higher voltage project and link management experience, will enable us to provide end-to-end renewable power era at scale. With this clientele including national brands, general public sector organisations and essential infrastructure providers, that is another component of our support to greatly help decarbonise Britain yet.”

The transaction, june which is likely to complete on 30, comprises an initial transaction of £8 million, with deferred obligations in aggregate of to £4 up. 4 million by the ultimate end of FY25, linked to efficiency targets.

For the 12 months ended 31 March 2022, Customized Solar created revenues of £15 million and income before tax of £2 million and got gross resources of £7 million. Customized Solar is likely to end up being accretive to revenue in the initial 12 months of possession.

The employees and senior management group of Customized Solar, including Handling Director, Matthew Brailsford, will join Mitie to ahead help drive the business enterprise.

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