Renew buys €60m wind firm Full Circle, sells Lilly

Leeds-based engineering services and infrastructure group Renew Holdings plc announced on Monday it acquired Full Circle Group Holding BV, a specialist provider of repair, maintenance and monitoring services for onshore wind turbines for €60 million.

Full Circle was controlled and owned predominantly by AtlasInvest Holding, the Belgian family holding specialised in the energy sector.

Last Friday, Renew announced the disposal of Walter Lilly & Co. Limited — its only remaining specialist building business — for a nominal consideration to Size Holdings Limited, a provider of construction, specialist crafts and maintenance services.

Renew said the Full Circle acquisition gives it entry into “the highly fragmented onshore wind services market which is forecast to grow at 7.7% CAGR from 2024 to 2030 as both the UK and Europe seek to deliver on their commitments to achieve Net Zero 2050 targets.”

The Leeds firm said the deal brings to Renew a “technology-enabled platform providing 24/7 remote maintenance across nine countries from a centralised control centre in Amersfoort, the Netherlands.”

Full Circle generates 75% of its revenue from UK-based operations, with a number of long-term frameworks with leading wind park owners and is selectively seeding and growing its presence in targeted European territories.  

For the year ended December 31, 2023, Full Circle generated revenue of €25.8 million, adjusted EBITDA of €5.4 million. 

Renew CEO 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.

“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.”