Tue, 15 Nov 2011 | BUSINESS SALE
Scottish renewable energy firm, VG Energy, has bought out the trade of stricken turbine installation and maintenance company, Shetland Wind Power (SWP).
SWP appointed administrators from KPMG last Friday, after suffering extreme financial difficulties in the wake of the collapse of small-scale turbine manufacturer, Proven Energy. VG has swept in, however, to ensure that the 60 or so Shetland homes, businesses and community facilities that run turbines installed by SWP will retain their maintenance and servicing facilities.
The take-over consolidates VG Energy's position as the “number one renewable energy company”, according to the company's managing director Jim Paterson.
"We are delighted to have acquired one of the longest standing players in the renewable energy sector," he told The Herald newspaper. "We are in a strong position to offer a range of products and services to the SWP customer base."
SWP was bought from private equity firm, Nevis Capital, which had itself only bought it from its founder, Michael Anderson, in December 2010. Much of the trade for SWP comes from small holders and the isolated homes and businesses on the wind-swept North Sea islands. VG's speciality is in selling wind turbines to farmers who can earn extra income from establishing the turbines on their land and selling on the energy generated.
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