Glasgow-based Maven Capital Partners has invested £5.4 million to secure a minority stake in GEV Group to support its plans to expand in the renewable power sector. At the same time, GEV has appointed Ron Smith as its new chairman
Both announcements come as GEV Wind Power moves a step closer to the commercialisation, with ongoing developments, of its innovative blade maintenance Habitat and other projects.
The investment by Maven will provide the GEV Group with the additional development capital it needs to support its growth plans. GEV is well positioned to capitalise on the projected growth in wind power, driven by global emissions and fossil fuel reduction targets. The investment will support GEV’s activities across its four main divisions; GEV Wind Power, Subsea Masters, Oxifree and GEV Offshore.
GEV has grown significantly in recent years, employing 145 staff and annual turnover now exceeds £10 million.
David Fletcher, GEV Chief Executive, said: “The investment secured through Maven will provide the catalyst required to fund further expansion and innovation in the key areas of our business and allow for the required infrastructure investment to support our growth ambitions.”
Andrew Ferguson, Partner at Maven Capital, said: “The investment in GEV Group has given Maven clients an excellent opportunity to invest in a genuinely niche business, operating across diverse markets and geographies. The management team is highly committed to growing the business and delivering on the company’s strategic plans, and this is evidenced by their own personal long-term financial commitment to the company.”
“The appointment of Ron Smith as Chairman will be a key asset to GEV. He has an excellent track record in the renewables space, and his skills will help complement the existing impressive executive management team, allowing them to draw on his wealth of experience and success in the sector.”
Meanwhile, the trade association representing the wind industry, Renewable UK, has welcomed the announcement by RWE Innogy of new project partners and investors for the Galloper offshore wind farm off the coast of Suffolk
It follows the announcement that DONG Energy has made a final investment decision to build Walney Extension offshore wind farm off the coast of Cumbria.
The confirmation of the two projects, which have a combined capacity of nearly 1 gigawatt, means that the UK now has more than 10GW of offshore wind capacity either operational or under construction, or with financial support fully secured.
This consolidates Britain’s global lead in offshore wind, and will double our current operation capacity of just over 5GW. 10GW of offshore wind will generate sufficient electricity to meet the needs of more than 7 million British homes.
Dr Gordon Edge, Director of Policy for Economics and Regulation, said “The UK is the number one destination for offshore wind investors. These two major announcements of offshore wind projects achieving financial close, securing billions of pounds in investment, show that it remains an attractive place to do offshore business.”