Energy supplier Pinergy has announced the acquisition of Solar Electric, an Irish designer and installer of solar renewables and energy storage systems, for an undisclosed sum.

Pinergy, which delivered revenue of around €45m in 2020, said the acquisition of Solar Electric would help customers make better use of energy from either the grid or via solar generation.

Commenting on the acquisition, Pinergy CEO Enda Gunnell 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 and 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.”

With Ireland’s Climate Action Bill now passed and commitments on targets to have the country achieve net zero emissions by 2050, Gunnell added there would need to be growth in the solar PV estate across the country.

Pinergy said the investment would bring it to the “next level” as it seeks to build a new way of delivering energy supply and solutions to the market. The company added it would continue to invest in solar as the business grows and envisages job creation in line with the expansion of the solar energy sector.

Solar Electric founder Tom Foley said the investment from Pinergy is a “real vote of confidence”.

“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 and energy storage business during the next three years,” he said. “We are looking forward to working with the team in Pinergy to tap into their expertise, innovation and insights.”

Solar Electric was established in 2012 and is based in Killanne, Enniscorthy, Co Wexford. It reported revenues of around €4m in 2019 and is projecting close to €10m over the next three years.