Renew has acquired overhead power line maintenance specialist Emerald Power for £12.3m.

Cheshire based Emerald is focused on the maintenance and upgrade of electricity networks for Distribution Network Operators in the North West.

The deal via Renew subsidiary Excalon Holdings is for an initial cash consideration of £7.8m with an additional £4.5m conditional upon the vendors remaining with the business and specific profit targets being achieved.

Paul Scott, Chief Executive Officer of Renew, said: “This acquisition represents a strong strategic fit for the Group, enabling our expansion into the rapidly growing overhead line maintenance and repair market.

“It will bolster our existing well-established position in the regulated electricity distribution sector, with Excalon, and we are now increasingly well placed to capitalise on the significant levels of investment being directed into the market in support of the government’s commitment to decarbonising the UK’s electricity grid before 2030.

“I am delighted to welcome the highly regarded Emerald Power team into the Renew family and I look forward to updating the market on the further progress made in this exciting sector in due course.”