Parkmead Group PLC - Netherlands and UK-focused gas explorer based in London - Acquires entire share capital of Kempstone Hill Wind Energy Ltd, which owns a 1.5 megawatt onshore wind farm in Scotland. Company pays GBP3.3 million in cash, and assumed project loan of GBP990,000, with an economic transaction date of October 1. Parkmead says the acquisition will boost its presence in renewable energy and electricity market.
Kempstone Hill brought in GBP380,000 million in revenue and had adjusted earnings before interest, tax, depreciation and amortisation of GBP230,000 in financial 2021. On October 1, it had gross assets worth GBP1.8 million and GBP300,000 in cash.
"Kempstone Hill provides another revenue-generating asset to Parkmead, which has a long-life and a very steady stream of cash flow. This operational wind farm is complementary to our earlier stage, high-upside renewable energy projects," said Executive Chair, Tom Cross.
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By Elizabeth Winter; elizabethwinter@alliancenews.com
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Parkmead (PMG)