Renew, the infrastructure maintenance company, has purchased Full Circle Group, the Netherlands-based onshore-wind infrastructure service company
Today Renew has purchased the Full Circle Group for €60m.
Renew is based in Leeds, while Full Circle is based in the Netherlands.
The onshore wind market has a promising outlook
Renew has previously called the onshore wind services market ‘highly fragmented’, and it is expected to grow at a compound annual growth rate of 7.7% between 2024 and 2030.
This is due to the many commitments to reach net zero targets across the UK and Europe. Onshore wind will be a large part of this as it is a sustainable and clean method of generating energy.
One of the major attractions for Renew to purchase Full Circle Group includes a promising revenue visibility for FY 2025, with 85% of operations and maintenance contracts being already secured.
The Full Circle Group will offer Renew a boost to services
Paul Scott, Renew CEO, 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. I am delighted to welcome the Full Circle team to the Renew family.”
CEO of Full Circle Wind Services, Billy Stevenson, said: “This move marks an exciting new chapter for Full Circle, unlocking even greater potential for expansion. It reflects the market’s confidence in the exceptional business results we have achieved in recent years. We are fully confident that this change will further strengthen Full Circle in its pursuit of growth as a business and organization in the renewable industry. With the support of Renew, we will have the resources and backing needed to accelerate our long-term goals, all while ensuring there is no disruption to our day-to-day operations.”
Renew’s financial year ended on 30 September.
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