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LONDON - Renew Holdings plc (AIM:RNWH) has acquired overhead line specialist Emerald Power Ltd for a total consideration of up to £12.3 million, the engineering services group announced Monday.
The acquisition was completed through Renew’s wholly owned subsidiary, Excalon Holdings Limited. Emerald Power, based in Cheshire, specializes in the maintenance and upgrade of electricity networks for Distribution Network Operators in the North West of England, working across voltages from 11kV to 132kV.
Renew paid an initial cash consideration of £7.8 million, funded from existing banking facilities, with an additional £4.5 million contingent upon the vendors remaining with the business and meeting specific profit targets.
The initial payment was based on Emerald having delivered an adjusted EBITDA of £1.9 million in the year to July 31, 2025.
According to the company, the acquisition expands Renew’s capabilities into the overhead line maintenance and repair market, strengthening its position in the regulated electricity distribution sector.
The UK electricity sector is currently receiving substantial investment as part of the RIIO-ED2 regulatory funding cycle, which has allocated £22.2 billion to the distribution grid through 2028 to support the government’s target of decarbonizing the electricity grid by 2030.
"This acquisition represents a strong strategic fit for the Group, enabling our expansion into the rapidly growing overhead line maintenance and repair market," said Paul Scott, Chief Executive Officer of Renew, in the press release statement.
Renew stated that the acquisition will be immediately earnings enhancing while maintaining the company’s strong balance sheet. The company indicated it continues to evaluate additional acquisition opportunities.
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