7th Oct 2024 10:06
(Alliance News) - Renew Holdings PLC on Monday said it bought Full Circle Group Holding BV aimed at entering a "high-growth" and fragmented onshore wind services market.
The Leeds, England-based company involved in the maintenance and renewal of critical infrastructure networks in the UK said it bought the Amersfoort, Netherlands-based provider of repair, maintenance and monitoring services for onshore wind turbines in the UK and Europe for EUR60.0 million.
Renew said the "highly fragmented" onshore wind services market is expected to grow 7.7% at a compound annual growth rate from 2024 to 2030 as the UK and Europe aim to deliver on their commitments to achieve net-zero 2050 targets.
It added that one of the acquisition highlights was "excellent" revenue visibility for financial year 2025 and beyond with about 85% of operations & maintenance contracts already secured.
Renew's financial year ends on September 30.
Renew Chief Executive Officer Paul Scott said: "The acquisition of Full Circle represents an exciting opportunity for the group to enter a high-growth, and fragmented onshore wind services market. Full Circle operates a scalable technology-enabled platform across a diverse customer base with existing long-term contracts and a fast-growing brand in the UK and across Europe. The company's proven track record in its core markets, and highly experienced management team mean the business is well positioned to service other turbine technologies and geographies both through acquisition and an organic growth strategy."
He added: "With governments across Europe reaffirming their commitments to achieving net zero by 2050, the addition of Full Circle's industry-leading offering will allow us to play a pivotal role in supporting the green energy transition and benefit from the long-term, non-discretionary funding programmes that underpin it. I am delighted to welcome the Full Circle team to the Renew family."
Renew shares were 0.4% higher at 1,124.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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