The agreement is part of a four-year partnership between the two companies.
Energy supplier Pinergy acquired solar panel installer Solar Electric for an undisclosed amount.
The companies will remain as separate entities after the move, and there will be “no impact” on the day-to-day operations of either company, according to a statement from Pinergy.
Co Wexford-based Solar Electric, which was founded in 2012 by Tom Foley, installs a range of infrastructure items for residential and commercial customers, including photovoltaic (PV) panels and batteries for energy storage .
Pinergy is an electricity supplier that operates from fully renewable sources, serving businesses and households. Enda Gunnell founded the company in 2012 in Dublin. It achieved a turnover of around 45 million euros in 2020, an increase of more than 14% compared to the previous year.
The deal comes as the Irish government plans to introduce “feed-in tariffs” in the coming weeks, allowing owners of solar panels and other power generation infrastructure to sell power to the national grid.
Commenting on the acquisition, Foley, CEO of Solar Energy, said: “Pinergy’s investment in our business is a true vote of confidence in Solar Electric’s history. Pinergy and Solar Electric are looking at the production, supply and consumption of energy in new and innovative ways. The latest technology, along with clarity and insight, means our customers are in total control of their energy needs.
“I am confident that our combined offering and expertise will further strengthen our already ambitious growth strategies to triple the size of our solar PV and energy storage business over the next five years. We look forward to working with the Pinergy team to leverage their expertise, innovation and ideas. “
Pinergy CEO Gunnell added, “This investment builds heavily on the working relationship we have had with Solar Electric since 2017. We see great opportunities in the solar PV and energy storage sector where we can. help our customers to self-produce, store, use or resell the energy they are not using.
He continued: “Our acquisition of Solar Electric will allow our customers to better optimize their energy needs from the grid or via solar production. We look forward to working more closely with the Solar Electric team to better serve our customers so that they can all play their part in a sustainable energy future.
Last week, construction on a 200 MW solar farm – the largest in Ireland – started in Co Meath.