European Green Transition (EGT ) has entered into a share purchase agreement to acquire an established, EBITDA profitable onshore wind turbine operating, maintenance, repairing, and remote monitoring business in the UK and Ireland.
The business is being acquired from the court-appointed liquidators of Arena Capital Partners for a consideration of £3.5 million in cash.
The consideration is being satisfied through existing cash resources and short-term bridging facilities. There is also a plan is to raise £5 million via a placing shortly.
The business includes a 100% interest in Earthmill Maintenance Ltd, based in Harrogate with depots in Scotland, Wales, and Cornwall, and an 85% interest in WEP Wind Energy Partnership, based in the Republic of Ireland, and its 100% owned subsidiary Silverford Engineering Ltd, based in Northern Ireland.
These businesses serve over 900 wind turbines across the UK and Ireland. Each of these businesses have continued to trade profitably despite the challenges faced by the parent company, ACP.
The acquisition also includes a 52% interest in Anemos Analytics, which is a complementary condition monitoring software technology based in Scotland.
In 2025 the business generated approximately £14.7 million revenue and approximately £900,000 adjusted EBITDA.
Heads of terms have been signed with approximately 50 clients to deliver new repowering projects at an of approximately £450,000 contract value, providing a possible £19 million repowering pipeline visibility.
In addition, management have identified approximately 280 additional qualified repowering prospects in the near future.
Repowering contracts are often followed by multi-year operating, maintenance, repairing, and remote monitoring relationships, further strengthening longer term revenue visibility.
The acquisition includes approximately £3.95 million of inventory and £2.5 million net working capital.
"I am delighted with this significant milestone in EGT's strategy that we set out at IPO targeting the acquisition of high-potential, profitable critical infrastructure services businesses,” said Cathal Friel, European Green Transition’s executive chairman.
“We have been engaging with the management teams of Earthmill and WEP for the last 18 months and are delighted to have completed the acquisition of these businesses at what we believe to be an attractive valuation. The businesses are trusted partners, delivering high quality services to over 900 wind turbines across the UK and Ireland with recurring revenues and excellent near and long-term visibility to deliver significant revenue growth in 2026 and beyond. Furthermore, this platform allows the company to continue its growth and expansion into related areas such as water, energy, roads, and data centres. We are acquiring these businesses at an exciting time following the removal of the de facto ban on onshore wind in the UK imposed by the Conservative government. This has created a significant and immediate repowering opportunity which involves replacing and upgrading ageing wind turbines. The business has signed approximately 50 heads of terms providing over £19 million of repowering revenue visibility with approximately 280 additional qualified prospects, which is in addition to its core operating, maintenance, repairing, and remote monitoring relationships.”
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This is a punchy move from EGT, which retains its portfolio of mining assets, but which at a stroke moves into the world of cash generation and revenue growth. From the first full year following completion of the Acquisition, EGT intends to adopt a progressive dividend policy, targeting annual dividend growth of approximately 5%. That will be a welcome development for shareholders who may have come to regard EGT as a mining exploration company, with dividends nowhere on the horizon. But the company has always been more than that. We can now begin to see it transform into something resembling the vision that was set out when it listed.