SSE Plc agreed to buy Energy Solutions Group Topco from Bridgepoint Development Capital Ltd. for 66 million pounds ($111 million) to improve its services to commercial and industrial customers.
A further payment of 6 million pounds will be made if certain unspecified targets are achieved, Perth, Scotland-based SSE said today in a statement.
ESG helps building owners cut energy needs for lighting, heating and telecommunications by an average of 20 percent to 30 percent, according to SSE. The acquisition is forecast to bring 10 million pounds of annual operating profit within five years and help SSE tap a market for energy-efficiency improvements that’s growing in importance, the utility said.
“Managing energy costs and environmental impact are big priorities for businesses and other organizations,” SSE Managing Director for Enterprise Jim McPhillimy said in the statement. “SSE’s program to dispose of assets and businesses that are not core to its future plans is designed to enable the company to make a success of those opportunities which are, such as energy services.”