Energy voice30 Aug 2019 12:25
Independent oil and gas firm Parkmead Group has announced its intention to shift into the Scottish renewable energy sector with the acquisition of a farm in Aberdeenshire.
The deal, totaling nearly £5 million, will be entirely satisfied by the issue of 9,645,669 new ordinary shares.
The Pitreadie location accounts for 2,320 acres of land in Aberdeenshire, Scotland.
Parkmead claim the acquired land has “demonstrable potential” for onshore wind turbines and solar power.
It lies close to the operational Mid Hill Wind Farm which contains 33 Siemens manufactured and maintained wind turbines.
As part of the contract, Parkmead will also assume £3.6 million of Bank of Scotland debt currently held by Pitreadie.
Parkmead’s chief financial officer, Ryan Stroulger, said: “We are delighted to have secured this exciting opportunity in line with Parkmead’s strategy.
“The acquisition strengthens the Group by adding quality assets with very significant renewable energy potential.
“Renewable energy is an area of major opportunity for us and, with our strong in-house technical and commercial expertise, Parkmead is very well positioned to benefit from this acquisition.
“The acquisition is complementary to Parkmead’s other business areas, broadening and enhancing the Group’s asset base and revenue stream.
The team at Parkmead is working intensively to evaluate and execute further value-adding opportunities, which could provide additional upside to the Company.”