Business

Bord Gáis Energy acquires solar panel installation company Swyft Energy

Agreement is subject to regulatory approval by the Competition and Consumer Protection Commission.

Pictured at the announcement of Bord Gáis Energy’s acquisition of Swyft Energy were Swyft Energy founders (from left), Adrian Casey and Joe Freyne with Dave Kirwan, managing director of Bord Gáis Energy and Teresa Purtill, director of services and solutions at Bord Gáis Energy. Photograph: Julien Behal
Pictured at the announcement of Bord Gáis Energy’s acquisition of Swyft Energy were Swyft Energy founders (from left), Adrian Casey and Joe Freyne with Dave Kirwan, managing director of Bord Gáis Energy and Teresa Purtill, director of services and solutions at Bord Gáis Energy. Photograph: Julien Behal
Fiona Keeley
Mon Nov 18 2024 - 16:14

Power provider Bord Gáis Energy has acquired solar panel installation company Swyft Energy for an undisclosed amount of money.

However, the agreement is subject to regulatory approval by the Competition and Consumer Protection Commission. According to the CCPC’s website, a deal must be worth at least €10 million to meet regulatory approval requirements.

Swyft Energy is a solar panel and boiler installation company that was established in 2018.

Bord Gáis has been part of the international energy group Centrica since 2014 alongside brands such as British Gas, Hive, PH Jones and Centrica Energy.

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The acquisition is part of Centrica’s overall strategy to increase investment in green initiatives by between £600 million (€717 million) and £800 million each year until 2028.

The managing director of Bord Gáis Energy (BGE) Dave Kirwan said the company had commitments to reach its net zero target by 2045 and wants to help customers reach net zero by 2050.

“The Government’s Climate Action Plan is targeting 8 gigawatts of installed solar capacity by 2030 and residential, business and agri solar will play a key role in delivering on those targets,” he said.

Bord Gáis Energy is already involved in the solar panels market and it wants to install a further 10,000 solar panels across the State over the next five years. BGE currently supplies solar panels to the residential, commercial and farming sectors.

Bord Gáis Energy has been in partnership with the Irish Farmers Association for seven years, Teresa Purtill director of service and energy solutions said. Ms Purtill said grants allow for up to 60 per cent funding for farms to give farmers a return on investment, while allowing them to decarbonise their farms.

Ms Purtill said the acquisition of Swyft Energy was part of the “overall repurposing of our business”.

The co-founder of Swyft Energy Adrian Casey said there is a demand for solar panels across the markets “with many people keen to make the switch, especially when they realise potential savings”.

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