European Green Transition reported continued momentum in its wind services business, including progress on its repowering pipeline and a renewed five-year contract with Drax.
The company, which services more than 900 onshore wind turbines across the UK and Ireland, said it signed four more agreements to “repower” ageing turbines in the third quarter, bringing the total to 69, and completed three repowers, bringing the total to 11.
It is engaging with around 280 potential repowering projects, which it values as a £126m revenue opportunity.
In its operations and maintenance business, EGT renewed a five-year contract with Drax covering 94 wind turbines, extending a partnership dating to 2021 and providing revenue visibility to 2031. It also agreed a partnership with a battery storage provider, and grew the contracted turbine base at its Anemos Analytics monitoring arm to 136 turbines.
Cathal Friel, Executive Chair of European Green Transition plc, said: “EGT’s Wind Services business delivered continued operational and commercial momentum during Q3. The renewal of our five-year contract with the Drax Group demonstrates the quality of our service offering and our ability to build long-term relationships with leading operators. Together with continued progress across our repowering pipeline, it underpins our confidence in the outlook for the business.”
“With a growing orderbook, supportive market conditions and a strong pipeline of opportunities, we remain confident in achieving the Group’s medium term revenue target of £50 million as we look to build a leading critical infrastructure and renewable services platform.”
European Green Transition shares were 2% higher at the time of writing.