Founded in 2007, Imperative Energy Ltd. has completed over 70 biomass installations totalling over 40MW in energy capacity, with a further 10 projects currently under construction.
Commenting, Gaelectric Group CEO, Brendan McGrath, said:
We are delighted to enter the biomass business with the acquisition of Imperative Energy, one of the leading providers of biomass energy solutions in Ireland and the UK. Just 2% of the 60 million TOE (tonnes of oil equivalent) UK heat market, with 28 million TOE in commercial and industrial buildings, is currently provided by biomass. The continuing focus on sustainability, energy security and costs, and the supportive policy environment towards biomass, particularly in the UK, assures us that the fundamentals for growth of the biomass sector are already in place.
Imperative Energy CEO, Joe O'Carroll, said:
At Imperative Energy, we offer our customers a range of renewable energy solutions from turnkey provision of biomass heating and CHP to taking on the role of Energy Supply Company (ESCO) where we design, finance, build and operate biomass projects on behalf of clients, providing them with cost effective, metered, renewable biomass energy.
With the Imperative Energy acquisition, Gaelectric Group now has an established presence in four key renewable energy sectors, namely onshore wind on the island of Ireland and the USA, offshore wind in the Irish Sea, energy storage and biomass energy.
Group CEO Brendan McGrath said:
Over the last 20 months, Gaelectric has secured over €155 million in debt facilities. Our financial position has helped us strengthen our positions in our existing markets and enter new markets, such as the biomass sector, through acquisitions such as the Imperative Energy Ltd acquisition we are announcing.