Engineering services group, Renew Holdings, has announced the acquisition of Full Circle Group in a deal worth £50.5m.

Full Circle, which provides repair, maintenance and monitoring services for onshore wind turbines, Circle was controlled and owned predominantly by AtlasInvest Holding, the Belgian family holding specialised in the energy sector.

Renew suggested the deal gives it entry into the “highly fragmented” onshore wind services market, which is forecast to grow at 7.7% CAGR from 2024 to 2030.

The acquisition, which will be funded from the Renew’s existing cash resources and banking facilities, is estimated to be earnings enhancing to the group in the first full year of ownership.

Renew CEO, Paul Scott, 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,” Scott added.

"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.”

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