Renew, an engineering services group, is making strategic changes by entering the onshore wind turbine repair market while exiting the building trade.
- Renew has acquired Full Circle, a company specialising in onshore wind turbine services, for £50.5 million.
- The acquisition marks Renew’s entry into the growing onshore wind services sector, a move aligned with green energy transitions.
- Renew’s disposal of Walter Lilly & Co signifies the group’s complete departure from the building trade.
- Paul Scott, CEO of Renew, highlights the acquisition as a strategic step towards supporting European Net Zero commitments.
Renew’s strategic acquisition of Full Circle Group Holding BV, a Dutch company known for its expertise in onshore wind turbine repair and maintenance, marks a significant entry into the renewable energy sector. The £50.5 million deal underscores Renew’s commitment to expanding its footprint in the high-growth market of wind energy services. Full Circle brings with it a team of about 160 technicians and a robust client base across several European countries, generating 75% of its revenue from UK operations.
This acquisition aligns with Renew’s forward-looking strategy to tap into the expanding onshore wind services market, which is bolstered by the ongoing global shift towards sustainable energy sources. Full Circle’s scalable, technology-driven platform stands out, offering long-term contracts and a well-established brand in the UK and Europe. The company’s proven performance, coupled with its experienced management team, positions it well for further growth and market penetration.
In contrast, Renew has divested its interest in the construction industry by selling Walter Lilly & Co Limited. The nominal sale to Size Holdings Limited reflects Renew’s strategic decision to focus entirely on engineering services, thereby marking its complete exit from its last specialist building business.
Paul Scott, Renew’s CEO, articulated the rationale behind these strategic moves, stating that the acquisition of Full Circle is a chance to play a pivotal role in Europe’s energy transformation. He emphasised the significance of Full Circle’s offerings in supporting government commitments to Net Zero by 2050, underpinning the long-term viability and funding of this investment.
Renew’s strategic decisions signal a clear focus on renewable energy services, leaving traditional construction behind.
