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Renew subsidiary Excalon Holdings, which provides electrical and construction services to utility companies, has taken over Emerald Power, a specialist in overhead lines, for a total consideration of up to £12.3m.
Emerald Power is focused on the maintenance and upgrade of electricity networks for distribution network operators (DNOs) in the northwest of England.
The acquisition takes Excalon into the overhead line maintenance and repair market across voltages ranging from 11kV to 132kV.
The initial cash consideration of £7.8m has been funded from Renew’s existing banking facilities and is based upon Emerald having delivered adjusted EBITDA of £1.9m in the year to 31st July 2025. Additional consideration of up to £4.5m is conditional upon the vendors remaining with the business and profit targets being achieved.
Renew chief executive Paul Scott said: “This acquisition represents a strong strategic fit for the group, enabling our expansion into the rapidly growing overhead line maintenance and repair market. It will bolster our existing well-established position in the regulated electricity distribution sector, with Excalon, and we are now increasingly well placed to capitalise on the significant levels of investment being directed into the market in support of the government’s commitment to decarbonising the UK’s electricity grid before 2030.”
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