Renew Holdings Subsidiary Excalon Expands Capabilities with Emerald Power Acquisition

Renew Holdings (LSE:RNWH) has strengthened its presence in the UK’s regulated electricity sector through the acquisition of Emerald Power Ltd by its wholly owned subsidiary, Excalon Holdings Ltd. The £12.3 million deal marks a strategic move into the overhead line maintenance and repair market.

Emerald Power, based in Cheshire, is a specialist in overhead lines and focuses on maintaining and upgrading electricity networks for Distribution Network Operators (DNOs) in the North West. The acquisition allows Salford-based Excalon to expand its service offering across overhead line voltages ranging from 11kV to 132kV.

The transaction includes an initial cash payment of £7.8 million, funded through Renew’s existing banking facilities. This valuation is based on Emerald Power achieving an adjusted EBITDA of £1.9 million in the year ending 31 July 2025. An additional earn-out of up to £4.5 million will depend on the vendors remaining with the business and meeting specified profit targets.

Paul Scott, Chief Executive at Renew, 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.

“I am delighted to welcome the highly regarded Emerald Power team into the Renew family and I look forward to updating the market on the further progress made in this exciting sector in due course.”

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