Bord Gáis Energy Acquires Swyft Energy to Boost Solar PV Solutions and Drive Renewable Transition

Bord Gáis Energy Acquires Swyft Energy to Boost Solar PV Solutions and Drive Renewable Transition

(IN BRIEF) Bord Gáis Energy has acquired Swyft Energy, a leading Irish solar PV provider, to enhance its green energy offerings for residential, business, and agricultural customers. This acquisition, subject to regulatory approval, strengthens Bord Gáis Energy’s capabilities with Swyft Energy’s digital-first platform and expertise, aligning with the company’s goal of completing 10,000 solar PV installations in the next five years. Customers stand to save 50-70% on electricity bills through rooftop solar panels. The move supports Bord Gáis Energy’s ambition to power all its customers with renewable energy by 2030 and complements broader investments in offshore wind, hydrogen, and Peaker plants.

(PRESS RELEASE) WINDSOR, 19-Nov-2024 — /EuropaWire/ — Bord Gáis Energy has announced the acquisition of Swyft Energy, a leading provider of solar photovoltaic (PV) solutions in Ireland, as part of its transition toward becoming a green energy leader. Swyft Energy’s expertise in solar PV and boiler installation, coupled with its digital-first platform, will enable Bord Gáis Energy to enhance its offerings for residential, business, and agricultural customers. The financial terms of the transaction remain undisclosed and are subject to regulatory approval.

Expanding Solar PV Expertise

Already active in the solar PV market, Bord Gáis Energy delivers solutions directly to residential customers and partners with the Irish Farmers’ Association to provide solar PV systems to farms. The addition of Swyft Energy enhances these capabilities, introducing a highly skilled team and innovative technology platform to meet growing demand across multiple sectors.

The acquisition aligns with Bord Gáis Energy’s target of achieving 10,000 solar PV installations over the next five years, enabling customers to reduce electricity bills by an average of 50-70%.

Driving Ireland’s Renewable Transition

Dave Kirwan, Managing Director of Bord Gáis Energy, emphasized the company’s commitment to renewable energy:
“Bord Gáis Energy is fundamentally reimagining its business to become a leading green energy provider. By 2030, we aim to supply all our electricity customers with power generated from indigenous renewable sources. Solar PV plays a crucial role in this transition, delivering cost savings of up to 70% for customers and helping Ireland meet its Climate Action Plan target of 8 GW of installed solar capacity by 2030.”

Kirwan highlighted that the acquisition complements Bord Gáis Energy’s broader investments in offshore wind, hydrogen, and Peaker plants, solidifying its position in the energy transition.

Scaling Operations for a Renewable Future

Adrian Casey, Co-Founder of Swyft Energy, welcomed the partnership, stating:
“Joining Bord Gáis Energy allows us to scale our operations and bring innovative solar solutions to a broader audience. Combining our technology and experienced team with Bord Gáis Energy’s strong brand and customer base will accelerate Ireland’s shift toward renewable energy.”

A Broader Commitment to Sustainability

The deal also supports the sustainability strategy of Centrica, Bord Gáis Energy’s parent company, which aims to significantly increase green investments, targeting annual capital expenditures of £600m-£800m through 2028.

This acquisition positions Bord Gáis Energy to play a pivotal role in Ireland’s renewable energy landscape, leveraging Swyft Energy’s expertise to drive solar adoption across residential, commercial, and agricultural sectors.

Notes to Editors

*Transaction is subject to approval by the Competition and Consumer Protection Commission.

**Investment is a demonstration of Centrica’s plan to increase investment over the coming years as part of its green-focused growth and investment strategy, to build annual capital investment to £600m-£800m until at least 2028. Centrica is a uniquely integrated energy company operating primarily in the UK and Ireland which aims to deliver long-term value for investors by driving and leading the energy transition through our distinct, but complementary businesses.

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SOURCE: Centrica plc