Kier has announced the acquisition of renewable energy and solar PV specialist Beco in a deal worth up to £2.4 million.
Kier signalled its expansion into the renewable energy sector today with the acquisition of Beco, a privately owned solar PV and renewable energy specialist.
The maximum amount Kier will pay under the terms of the acquisition is £2.435 million, of which a maximum of £750,000 is contingent on achieving unspecified targets. Kier also settled a £480,000 debt owed by Beco.
Beco designs and installs renewable energy sources, principally using photovoltaic (PV) technology to produce CO2-free energy. Beco assists households, businesses and communities to reduce emissions, to become more self-sufficient in relation to their energy requirements and to limit the impact of rising electricity costs.
Beco will become the delivery arm of Kier’s newly formed business unit, Kier Energy Innovations and will strategically position Kier to respond to the government’s drive to substantially reduce CO2 in the next decade and beyond. Beco managing director Nigel Brunton-Reed will join the board of KEI.
Kier chief executive Paul Sheffield said: “We are delighted to complete this acquisition which gives us the capability to design and deliver PV installations across our wide network of businesses across the country. It will accelerate our access to a growing opportunity and enable us to respond to the needs of our customers to provide energy saving solutions to their commercial and domestic premises.”