20th Jan 2025 12:06
(Alliance News) - Van Elle Holdings PLC on Monday signed an eight-year deal with Wood Transmission & Distribution Ltd, a partner of UK energy regulator Ofgem.
Nottinghamshire, England-based ground engineering contractor Van Elle estimated the deal to be worth GBP30 million, subject to performance.
Van Elle is contracted to supply pilings and foundations to Wood Transmission, a Cheshire, England-based infrastructure company focused on renewable sources of electricity.
Wood Transmission's schemes are part of a strategic investment programme run by Ofgem. Van Elle said Monday's deal would likely be the first of several in "a growing sector".
Following Monday morning's announcement, Van Elle shares rose 5.1% to 41.00 pence each in London.
Chief Executive Mark Cutler commented: "Wood has been a long-standing customer for Van Elle, so we are delighted to announce this partnering agreement to help deliver part of the significant scale of energy infrastructure in Scotland together over the coming years.
"Our recent acquisition of Albion Drilling based in Stirling will support with a local resource base and specialist skills needed to deliver these important commitments, often in remote and challenging locations," the CEO added.
Van Elle has started work in New Cumnock, Argyll and Beauly-Loch Buidhe, where ground investigations will continue throughout January, the firm said. Construction of 240 electricity towers is targeted between 2026 and 2027.
By Holly Munks, Alliance News reporter
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