Castleblayney firm, NRG Panels, has just completed negotiations with a private equity firm who will now take a major stake in their business. NRG founder and local man, Conal O'Reilly, told Northern Sound the deal will create jobs in Monaghan and beyond for tradespeople, whose skills are required in the installation of solar panels and heat pumps.
Founded in 2015 by Conal O'Reilly from Aghnamullen and Ollie Hughes from Doohamlet, NRG Panels provides a range of services that allow residential and commercial customers to improve the energy efficiency of their homes and businesses. NRG have doubled in size in just two years and expects to turnover €20 million by the end of this year.
The deal with Melior Equity Partners is being reported to be worth 40-60 per cent of the business and the value of the investment "on the lower end of €20 - €30 million". Conal O'Reilly from NRG told Northern Sound the acquisition allows the business to employ more people "not just locally but in other parts of the country" as the company establishes hubs throughout Ireland. Mr O'Reilly said NRG will create jobs for "electricians, carpenters, labourers, plumbers - anyone whose skills are needed for the deployment of solar panels and heat pumps".
