DUBLIN, September 17, 2014 /PRNewswire/ --
- Imperative Energy is a leading provider of renewable energy solutions with over 70 completed installations totalling 40MW of installed capacity
- Strategic 'Imperative' acquisition provides Gaelectric with a significant platform in the biomass sector
Irish renewable energy group, Gaelectric, announces that it has acquired Imperative Energy Ltd., a leading provider of biomass energy solutions in Ireland and the United Kingdom. Founded in 2007, Imperative Energy Ltd. has completed over 70 biomass installations totalling over 40MW in energy capacity, with a further 10 projects currently under construction.
Commenting, Gaelectric Group CEO, Brendan McGrath, said: "We are delighted to enter the biomass business with the acquisition of Imperative Energy, one of the leading providers of biomass energy solutions in Ireland and the UK. We view this as an important strategic step for Gaelectric that provides us with diversification across renewable energy sectors and access to significant growth opportunities in a biomass market that is continuing to evolve. Just 2% of the 60 million TOE (tonnes of oil equivalent) UK heat market, with 28 million TOE in commercial and industrial buildings, is currently provided by biomass. The continuing focus on sustainability, energy security and costs, and the supportive policy environment towards biomass, particularly in the UK, assures us that the fundamentals for growth of the biomass sector are already in place."
He added: "However, it is ultimately the value that the Imperative Energy business will deliver to the Gaelectric Group through their core offering, project revenues, market positions, reputation, knowledge and skills that convinced us of the need for them to join Gaelectric."
Imperative Energy CEO, Joe O'Carroll, said: "At Imperative Energy, we offer our customers a range of renewable energy solutions from turnkey provision of biomass heating and CHP to taking on the role of Energy Supply Company (ESCO) where we design, finance, build and operate biomass projects on behalf of clients, providing them with cost effective, metered, renewable biomass energy. Our installations are in place across the government, healthcare, hospitality and processing (food and manufacturing) sectors, including Government Buildings in Dublin City Centre, and a district heating system for all Irish State buildings between Kildare Street and Merrion Street, Dublin.
He added: "Gaelectric's core strengths in project development, management and financing will bolster our resources in key areas including planning and permitting, project and corporate finance, construction management, energy markets and price optimisation, and contractual relationships on each of our projects."
With the Imperative Energy acquisition, Gaelectric Group now has an established presence in four key renewable energy sectors, namely onshore wind on the island ofIreland and the USA, offshore wind in the Irish Sea, energy storage and biomass energy.
Group CEO Brendan McGrath said: "Over the last 20 months, Gaelectric has secured over €155million in debt facilities which have allowed us to accelerate the transition of our development projects to operating assets, particularly in onshore wind. We are also starting to see operating revenues from our wind assets make a significant contribution to group revenues. Our financial position has also helped us strengthen our positions in our existing markets and enter new markets, such as the biomass sector, through acquisitions such as the Imperative Energy Ltd acquisition we are announcing today."
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About Imperative Energy Ltd - Imperative Energy Ltd is a leading developer of biomass projects in the UK and Ireland. With over 70 active installations totalling over 40 MegaWatts of capacity, it is one of the most active businesses in the biomass sector in the Ireland/UK market. Operating from offices at Naas, Co Kildare and Manchester, the company has specialist knowledge in all aspects of the design, building and operating of biomass systems for heating and combined heat & power (CHP) applications. It has developed key strategic partnerships with many of the larger players in the biomass supply chain including an exclusive agreement with Schmid AG, a global leader in biomass boiler technology.
It counts amongst its clients Government Departments in the UK and Ireland, many schools, hospitals and universities, multiple large commercial greenhouses, leisure complexes, distilleries and wood processing companies. Imperative Energy has the capability to supply a range of energy solutions to our customers from low temperature hot water systems of 30kW up to medium pressure steam systems of 25 MW. All of the equipment and systems tools supplied by Imperative Energy conform to the most stringent efficiency and emissions standards. Imperative Energy is also actively involved in developing larger-scale CHP projects and long term energy supply contracts (ESCos). Learn more about Imperative Energy at http://www.imperativeenergy.com
About Gaelectric - Gaelectric (http://www.gaelectric.ie) is a renewable energy group specialising in the development and operation of renewable energy assets and energy storage. Since its establishment in 2004, Gaelectric has demonstrated its ability to create and develop out an extensive portfolio of renewable energy projects in a number of key markets. Gaelectric's business is centred on four core areas of project development and operation in renewable energy, namely -
- On-shore wind energy development and operations on the island of Ireland and the United States centred on the State of Montana
- Energy storage systems utilising compressed air energy storage (CAES) technology
- Off-shore wind energy development
- Biomass solutions
Gaelectric has offices in Dublin, Belfast, London, Manchester, Chicago, and Great Falls (Montana).
For reference, issued by FTI Consulting. For media queries, please contact:Jim Devlin, FTI Consulting, e. jim.devlin@fticonsulting.com; d. +353-01-66-33-606; m. +353-087-2631057
