Browne Jacobson advises on E.ONs 49% stake in rooftop solar panel company

Browne Jacobson has advised the owners of Midlands based solar panel manufacturer Eco2Solar on the sale of a 49% stake in the business to utility giant E.ON for an undisclosed consideration.

Formed in 2007, Kidderminster based Eco2Solar is a major supplier and installer of solar PV panels for both domestic and commercial buildings in the residential housing, healthcare, education, logistics and leisure sectors. Clients include many of the country’s largest house builders, schools, universities, hospitals and care homes. The business also specialises in energy storage solutions and electric vehicle charge points.

Commenting on the completion of the deal, Paul Hutchens, CEO of Eco2Solar, said: “Eco2Solar is really pleased to have E.ON on board. Together we will be much stronger, and E.ON’s international presence and breadth of solutions will enable us to accelerate our vision to make solar standard on all new buildings, as well as creating homes and communities as energy hubs.

“Eco2Solar will continue to operate independently and our focus remains the same: to install solar PV, battery storage and other smart electrical technologies for the new build housing market across the UK.”

Michael Lewis, Chief Executive of E.ON UK, added: “The UK needs to push on at speed if we are to meet our ambitious zero carbon targets. The houses we live in now and the ones we will build for the future will be key to achieving those goals.

“Eco2Solar have proved themselves to be well equipped to support developers in their sustainability needs and they are a great fit with what we are trying to achieve for our millions of customers across E.ON; making energy smart, personalised and sustainable in their homes, businesses and across entire communities.”

"Eco2Solar have proved themselves to be well equipped to support developers in their sustainability needs and they are a great fit with what we are trying to achieve for our millions of customers across E.ON; making energy smart, personalised and sustainable in their homes, businesses and across entire communities."

Partner and head of corporate Richard Cox, alongside senior associate Sam Sharp, advised Eco2Solar. This latest deal is a notable addition to Browne Jacobson’s M & A credentials in the energy sector which recently included advising First Sentier Investors on its acquisitions of Wheelabrator UK and SSE’s 50% stake in the Multi-fuel Energy Joint Venture.

Richard Cox added: “We are delighted to have advised on the investment by E.ON in Eco2Solar. This deal is a reflection of the confidence investors have in the renewables sector and its prospects for growth which is being driven largely by the Government’s green economic recovery agenda, drive to decrease society’s carbon footprint and the decreasing costs of solar technology.”