Renew buys onshore wind firm for £50m

Renew has bought onshore wind turbine maintenance specialist Full Circle for £50.5m.

Paul Scott, Chief Executive Officer of Renew, 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.

“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.”

Full Circle employs 160 technicians across sites in the UK, the Netherlands, France, Italy and Greece with a turnover of £21.5m.

It generates 75% of its revenue from UK-based operations, with a number of long-term frameworks with leading wind park owners.