Ireland-based renewables consultancy Galetech Group has acquired a majority stake in independent wind turbine operations and maintenance provider Optinergy from BVP Investments for an undisclosed price.
The deal marks the end of a successful five-year relationship with BVP Investments, which had provided Employment and Investment Incentive Scheme (EIIS) investment during a period of growth for Optinergy.
Investors in BVP’s EIIS for Optinergy all secured a strong investment return.
Optinergy is currently providing services across several wind farms in both Ireland and Northern Ireland.
The company has diversified into other areas of renewable energy, with expertise in solar and battery storage assets in recent years.
Galetech Group has plans to continue where BVP left off and will provide further investment in Optinergy.
Optinergy has plans to double turnover and increase employee numbers by 50% by 2023.
The company currently employs 40 staff.
Optinergy was recently awarded a framework contract with SSE Renewables that will see it provide support to the latter’s fleet of wind turbines across Ireland and Northern Ireland.
Galetech Group director Darren Sherry said: “Optinergy is a company which Galetech Group knows well, and we have been impressed with their growth over the last number of years.
“Given the successful relationship enjoyed with BVP Investments recently, it was the opportune time to increase our interest in Optinergy and assist them in continuing their expansion.
“The Optinergy team are experts at what they do and will enhance Galetech Group’s client offering.”
Optinergy managing director Aiden Watters said: “This transaction marks the culmination of a lot of hard work and dedication by Optinergy staff and shareholders.
“The framework agreement with SSE Renewables is a real vote of confidence in the expertise we bring to our clients every day.
“Becoming part of Galetech Group aligns with our priority of continuing to grow the business both in Ireland and overseas, and I look forward to working with what is a world-class team.”
BVP Investments managing director Elliott Griffin said: “Optinergy is an excellent example of how the EIIS can benefit both company and investor alike.
“Over the course of a five-year relationship we have seen the company grow in terms of revenue and headcount, which has left them ideally placed to secure lucrative new business in the form of SSE Renewables, as well as further investment interest from Galetech Group.
“I have no doubt this is just the beginning of further success, with Galetech Group and Optinergy providing an important role in helping Ireland to achieve its environmental goals.”