The Electricity Supply Board (ESB) has acquired a majority stake in the UK energy supplier, So Energy.
The Irish State-owned company has been operating in the UK for nearly 30 years. This week’s announcement considerably strengthens its position the UK retail market.
The ESB is set to merge So Energy and ESB Energy (ESB’s UK retail brand) and will result in a business serving more than 300,000 customers. The company will continue to trade as So Energy, with ESB retaining 75% of the new combined entity.
To date the ESB has invested more than €2bn in generation assets including wind and solar while also providing EV charging infrastructure in London, Coventry and Birmingham.
In 2018, the company entered the competitive energy retail market with the launch of ESB Energy and rollout of green tariffs and focus on customer solutions and offerings.
Commenting on the merger, Marguerite Sayers, executive director of customer solutions at ESB, said: “The merger with So Energy is another significant milestone in our UK business, while further enhancing our customer offering and growth potential. We are really looking forward to integrating with and building a bright future with the So Energy team.”