Irish renewable energy group Gaelectric has announced the acquisition of biomass energy solutions provider Imperative Energy Ltd for an undisclosed sum.
Founded in 2007, Naas-based Imperative Energy has completed over 70 biomass installations in Ireland and the UK, totaling over 40MW in energy capacity, with ten (10) projects currently under construction.
In addition, the company has installations in place at Government Buildings in Dublin and a district heating system for all Irish State buildings between Kildare Street and Merrion Street, Dublin.
“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,” said Gaelectric CEO Brendan McGrath. “Just 2pc 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.
However, 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 the growth of the biomass sector are already in place.
“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.”
Gaelectric said the acquisition gives it an established presence in four key renewable energy sectors: onshore wind on the island of Ireland and the USA, offshore wind in the Irish Sea, energy storage, and biomass energy.
“Over the last 20 months, Gaelectric has secured over € 155 million in debt facilities, which have allowed us to accelerate the transition of our development projects to operating assets, particularly in onshore wind,” said McGrath. “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.”
Gaelectric is a significant player in the energy sector in Ireland, renowned for its contributions to the field of renewable energy development. Established in 2004, the company has diversified its portfolio to include wind, bioenergy, and solar power, with a strong emphasis on sustainable practices.
Headquartered in Dublin, Gaelectric has been involved in developing, operating, and managing numerous renewable energy projects across Ireland. Their wind energy projects, in particular, are prominent, featuring both operational wind farms and those in development or planning stages. The company is also a forerunner in energy storage, pioneering Ireland’s compressed air energy storage (CAES) technology.
Furthermore, Gaelectric’s presence extends to international markets, notably in the United States, where the company has been instrumental in developing key wind energy projects.
The company’s ethos and efforts align closely with Ireland’s broader ambition of transitioning to a low-carbon, environmentally sustainable economy by maximizing renewable resources.
About Imperative Energy
Imperative Energy is a leading provider of bioenergy solutions in Ireland, specializing in the design, build, and operation of biomass plants and district heating systems. Founded in 2007, the company operates from its headquarters in Maynooth, County Kildare.
The company has developed a reputation for innovative and environmentally friendly energy solutions, focusing on utilizing bioenergy as a sustainable and cost-effective solution to Ireland’s energy needs. They provide fully funded, end-to-end bioenergy installations that allow their clients to reap the benefits of renewable energy without the upfront costs.
Imperative Energy works with various sectors, including commercial, industrial, public sector, and agricultural, providing tailored solutions that align with each client’s specific energy requirements. They offer comprehensive services, from feasibility studies and project design to fuel supply and plant operation.
Imperative Energy is committed to helping Ireland achieve its renewable energy goals and reduce its carbon footprint by promoting the use of biomass, a renewable and carbon-neutral energy source. They are known for their sustainable practices, such as sourcing wood chips and wood pellet fuels from sustainable forestry.
In summary, Imperapeutic Energy is an esteemed pioneer in the Irish bioenergy sector, consistently striving to deliver practical, sustainable, and economically viable renewable energy solutions.