Irish renewable energy group, Gaelectric, has acquired Imperative Energy, a provider of biomass energy solutions in Ireland and the United Kingdom.
Founded in 2007, Imperative Energy has completed over 70 biomass installations totalling over 40 MW in energy capacity, with a further 10 projects currently under construction.
Gaelectric Group CEO Brendan McGrath said: “We are delighted to enter the biomass business with the acquisition of Imperative Energy, one of the leading providers of biomass energy solutions in Ireland and the UK. 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.
“Just 2% 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. 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 growth of the biomass sector are already in place.”
He added: “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.”
With the Imperative Energy acquisition, Gaelectric Group now has an established presence in four key renewable energy sectors, namely onshore wind on the island of Ireland and the USA, offshore wind in the Irish Sea, energy storage and biomass energy.