European Green Transition PLC Acquires Wind O&M Platform in Strategic £3.5M Deal

EGT snaps up wind O&M platform for £3.5 million: what’s in the deal and why it matters

European Green Transition (AIM: EGT) has agreed to buy a profitable onshore wind operations and maintenance platform covering the UK and Ireland for £3.5 million cash. The package includes Earthmill Maintenance (UK), WEP Wind Energy Partnership (Ireland) and Silverford Engineering (Northern Ireland), plus a 52% stake in Anemos Analytics, a condition monitoring software business.

The acquired businesses service over 900 turbines and kept trading profitably despite their former parent, Arena Capital Partners (ACP), going into liquidation. EGT is paying on a cash-free, debt-free basis – so it gets the operations, not ACP’s legacy debt – using existing cash and short-term bridge facilities.

What EGT is buying: 900 turbines, software, stock on the shelves

The O&M Business generated approximately £14.7 million revenue in 2025 (2024: approximately £14.4 million) and approximately £0.9 million adjusted EBITDA in 2025 (2024: approximately £1.5 million). EBITDA is a proxy for operating cash profits before interest, tax, depreciation and amortisation.

There are tangible assets here too: approximately £3.95 million of inventory and £2.5 million net working capital are included. The team numbers 78 people, with in-house expertise in SCADA (monitoring and control systems) and asset management, and they own IP for Endurance turbine models. Anemos’ software adds predictive maintenance and uptime benefits – useful for keeping turbines spinning and contract retention high.

Key numbers at a glance

Item	Detail
Consideration	£3.5 million cash (cash-free, debt-free)
2025 revenue	Approximately £14.7 million
2025 adjusted EBITDA	Approximately £0.9 million
2024 revenue	Approximately £14.4 million
2024 EBITDA	Approximately £1.5 million
Inventory	Approximately £3.95 million
Net working capital	£2.5 million
Operational footprint	Over 900 turbines across the UK & Ireland
Anemos stake	52% (condition monitoring software)

Valuation looks punchy on 2025 EBITDA, cheap on assets and pipeline

EGT is paying what the Board describes as an attractive equity value: 2.3x 2024 EBITDA and 3.9x 2025 adjusted EBITDA. Given the drop in EBITDA from 2024 to 2025, the multiple looks fuller on the 2025 base, but the asset backing (inventory plus working capital of roughly £6.45 million combined) and software kicker help the case.

Crucially, the parent’s insolvency was at holding-company level. Management says the O&M operations remained profitable, which suggests the acquisition is more about corporate clean-up than a distressed operating unit. Still, lifting margins back towards 2024 levels will be an execution test.

Repowering tailwind: £19 million pipeline and 280 more prospects

Repowering – replacing and upgrading older turbines with newer, more efficient models – is the big lever. UK policy changes in summer 2025 lifted the de facto onshore wind planning ban, and EGT says this has created an immediate growth opportunity.

• Heads of terms signed with approximately 50 clients for repowering projects, at an average contract value of approximately £450,000 – a possible £19 million pipeline.
• Approximately 280 additional qualified repowering prospects identified.
• Repowering projects often lead to multi-year O&M contracts, deepening recurring revenue.

This comes on top of the core O&M engine, which delivered £12.8 million revenue in 2025 across the 900+ turbine portfolio. Add in Europe’s broader backdrop – about 285 GW of installed wind capacity expected to approach 450 GW by 2030 – and the serviceable market looks set to expand as fleets age.

Funding the deal: short-term bridges now, £5 million placing next

To move quickly in a competitive process, EGT used £3.0 million of bridge facilities alongside existing cash (£2.3 million at December 2025). A placing of approximately £5 million is planned “in the coming weeks” to refinance the bridges and fund working capital and bolt-ons.

Bridge facilities breakdown

• Facility 1: £1.5 million from Roaring Waters. No interest. Automatically converts into equity at the Placing Price on completion of the Fundraise. Warrants equal to 35% of the commitment at the Placing Price for six years; if the Fundraise is not completed within three months, warrant coverage rises by 1% per month until the earlier of completion or 12 months.
• Facility 2: £1.1 million from Raglan Capital (related party). Interest 1.75% per month for the first three months, then 2.5% per month for nine months; 2.25% arrangement fee; minimum return 7.5%. Company intends to repay after the Fundraise. Warrants equal to 25% of committed funds at the Placing Price for six years, issued only on completion of the Fundraise. Raglan Capital, and parties acting in concert with it, are currently interested in approximately 33.5% of the voting rights. Separately, Raglan Capital holds 13.8% directly. Under the loan agreement, Raglan has agreed not to exercise warrants if doing so would take concert party interests above 29.9% or otherwise trigger a Rule 9 mandatory offer.
• Facility 3: £400,000 from high net worth investors at 2.5% per month, minimum return 5%, with 25% warrant coverage at the Placing Price for six years (issued on Fundraise completion).

Facilities 1 and 3 rank ahead of Raglan Capital in the repayment waterfall. Facility 1 will convert into shares; Facilities 2 and 3 are expected to be repaid from the placing proceeds. The Company has received cornerstone and other offers of up to £2.6 million towards the approximately £5 million placing.

Strategy and targets: £50 million revenue, double-digit margins, and a dividend

Post-deal, EGT sets a medium-term target of £50 million Group revenue with double-digit EBITDA margins. The plan is to grow organically in wind services and execute selective bolt-ons across critical infrastructure – think water, energy, roads and data centres – funded by operating cash flow and prudent debt. Management expects any debt facility will not exceed 2x EBITDA.

From the first full year after completion, EGT intends to adopt a progressive dividend policy, targeting approximately 5% annual dividend growth. The Company also aims to monetise non-core mining assets, including the Olserum REE project in Sweden and an option-led potential sale of the Pajala Copper project, to recycle capital back into services growth.

My take: positives, pressures, and what to watch

What looks good

• Platform at a modest multiple with real asset backing and a software edge.
• Visible demand: £19 million repowering pipeline plus 280 qualified prospects, and £12.8 million of recurring O&M revenue in 2025.
• Policy tailwind: UK onshore wind planning reset in 2025 should catalyse repowering for years.
• Cash generation focus and a stated dividend ambition – rare this early in a roll-up story.

Where the work is

• Margin rebuild: 2025 adjusted EBITDA of approximately £0.9 million on £14.7 million revenue implies mid-single-digit margins. Management needs to restore 2024’s stronger levels and then drive towards double digits.
• Execution risk: heads of terms are not signed contracts. Converting the £19 million repowering pipeline and delivering projects on time will be key.
• Financing risk: bridge debt carries high monthly rates and warrant coverage if the placing slips. Timely completion of the approximately £5 million raise matters to limit cost and dilution.
• Governance optics: a related-party bridge from Raglan Capital is flagged as fair and reasonable by independent directors and the NOMAD, but investors should monitor dilution from warrants and concert party limits.

Bottom line for retail investors

This is a classic platform build: buy a profitable, asset-backed service business at a sensible multiple, plug into a policy-driven growth cycle, and layer on bolt-ons. If EGT converts its repowering pipeline, tightens operations, and completes the placing cleanly, the £50 million revenue ambition starts to look achievable over the medium term.

On the flip side, watch the margin trajectory, the pace of repowering contract conversions, and the scale of dilution from the Fundraise and associated warrants. For now, the acquisition reads as a strategically timed move into a structurally growing niche with improving policy support – with execution, not market opportunity, the main swing factor.