BlackRock Increases Shares in Vestas, EQT Acquires OX2

The Uptime Wind Energy Podcast

Renew Holdings purchases Full Circle for £50M, following the UK decision lift restrictions on offshore wind. BlackRock's holding of voting rights and share in Vestas has increased to 7.59%. And EQT has acquired renewable developer OX2 for $1.58 Billion. Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.com Allen Hall: I'm Allen Hall, president of Weather Guard Lightning Tech, and I'm here with the founder and CEO of IntelStor Phil Totaro and the Chief Commercial Officer of Weather Guard Lightning Tech, Joel Saxum. And this is your News Flash. Newsflash is brought to you by our friends at IntelStor. If you want mar, ket intelligence that generates revenue, then book a demonstration of IntelStor at intelstor.com. Renew Holdings and engineering service company base in Leeds has purchased full circle. Group Holding BV, a Dutch firm specializing in onshore wind turbine repair and maintenance. The acquisition, valued at 50 million pounds, was funded through Renew's existing resources and banking facilities. This move follows the new labor government's decision to lift restrictions on new onshore wind projects in England. Well, UK government changed and they have become more proactive on onshore wind. That made a nice little market for all the repair companies in the UK to be gobbled up by larger players. Philip Totaro: Yeah, precisely, and at the end of the day Full Circle is one that already has a lot of contracts in place on the aging fleet, so there are going to be repowering opportunities in addition to new build in, both Lower England, Scotland, Wales, et cetera. So you're, you're going to see a company like Full Circle continue to thrive, but all the other O& M shops and, and independent service providers over there are going to start probably getting a lot more attention and potentially work if you start seeing more build out in the market. The funny thing about the UK is even a lot of the, well in Ireland you'd have to say too, a lot of the new build, doesn't always get the OEM full service agreement. So they've tended to rely a little bit more on the independent service providers in that market, again, particularly for the older assets. So, this is a, it's, I guess it's a good time to be in the The service and repair business. Joel Saxum: I think you're going to continue to see a lot more of this happen. We've been talking about for the last few years is this market consolidation of these smaller ISPs. And I say smaller, but 50 million or 50 million pound acquisition is not a small acquisition. So full circle repairs, but having those contracts in place makes them attractive for an acquisition. So I know that you've seen some, there's been some larger ones scooping up and buying up and buying contracts and a little bit of mark margin compression and things over there in that market. I would still continue to look for, like, Renew Holdings. I don't know anything about the internal workings of that company, but I would bet this is not their last acquisition. And you've seen other large groups doing the same thing. Mulahan and some others. So, keep watching that space. Especially, like Phil, like you said, as the Labour Party has lifted that moratorium on work in the, in the UK. Allen Hall: Vestas has disclosed a notification from BlackRock regarding a change in its group structure. Following the acquisition of Global Infrastructure Management,