Acquistition enables contractor to move further into photovoltaic sector
Kier has snapped up green energy specialist contractor Beco in a deal worth £2.4m.
The deal is part of Kier’s strategy to increase its presence in the fast expanding photovoltaic (PV) sector, outlined in its trading statement to the London Stock Exchange earlier this month.
Beco designs and installs renewable energy systems, principally using photovoltaic technology to produce CO2-free energy. It was one of the first companies to become a government-approved installer of PV cells.
Kier said Beco will now become the delivery arm of the group’s newly formed division Kier Energy Innovations (KEI) and will position it to respond to the government’s drive for CO2 reductions.
The deal will also see Beco managing director Nigel Brunton-Reed join the board of KEI.
Paul Sheffield, Kier Group chief executive, 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.”
Kier is currently installing photovoltaic panels at King’s Cross station.
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