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The UAE Expands its Global Reach through a Series of Acquisitions

The UAE Expands its Global Reach through a Series of Acquisitions
Imgae Source: Pexels
  • New acquisitions, particularly Esyasoft’s takeover of Good Energy, showcase the UAE’s efforts to become a leading country in renewable energy. 
  • This strategic collaboration between the two companies can foster innovation in solar power and electric vehicle (EV) charging infrastructure. 
  • Abu Dhabi’s International Holding Company is now heavily investing in renewable energy to transform the energy sector. 

Acquiring UK’s Good Energy

Esyasoft, an energy company based in Dubai, is about to finalize a $123 million acquisition of the British renewable energy provider Good Energy. Esyasoft is a subsidiary of Abu Dhabi’s International Holding Company (IHC) and a pioneer in supplying AI-powered technology and analytics solutions for global energy transition projects.

Good Energy, on the other hand, was founded in 1999 to help people explore practical solutions to climate change. It provides renewable energy to around 245,000 customers, along with services like solar panels and EV charger installations.

The recent deal values Good Energy at £4.90 per share, representing a 66% premium compared to its last trading day prior to Esyasoft’s acquisition offer. Good Energy is expected to experience significant growth in its mission to combat climate change. 

Esyasoft’s International Expansion 

With this acquisition, Esyasoft aims to expand its customer base across various international markets and enhance the services offered by Good Energy. Over the next six months, the company will develop a new strategy and create a long-term plan for Good Energy’s success. This strategy will concentrate on EV charging infrastructure, solar panel installations, and product expansion. 

Esyasoft operates in the gas, energy, and water sectors while utilizing smart grid technology. This advanced electricity distribution network employs technology and two-way communications to effectively manage energy supply and demand. 

The company serves 25 million consumers through its smart meter data management platform, and this number is projected to reach 50 million by 2026. 

Bipin Chandra, CEO and founder of Esyasoft emphasized that both Good Energy and Esyasoft aim to deliver a smart and sustainable energy future for all. 

UAE’s Broad Energy Investments 

This acquisition is not new; some of the UAE’s energy companies have recently made strategic acquisitions in renewable energy markets. One of these companies is the Abu Dhabi-based Masdar, a state-owned renewable energy firm.

On January 14th, Masdar announced that it would establish a new solar and battery facility. This project will provide 1 gigawatt of uninterrupted clean energy at the cost of around $6 billion. It will also assist grid operators in managing the inconsistent supply of renewable energy.

Although Masdar did not disclose details about this project, it may provide power to hundreds, or even thousands, of homes.

Similarly, the Abu Dhabi National Energy Company, TAQA, previously partnered with Masdar and other entities to invest in renewable projects. Hassan Allam Utilities also collaborated with the Egyptian government and Masdar to construct green hydrogen hubs along Egypt’s Red Sea and Mediterranean coasts.

For many years, the UAE held stakes in oil and gas projects. However, there has been a noticeable shift toward renewable energy, showcasing the country’s effort to lead in green energy markets.

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