Following the deal, Optinergy plans to double its turnover by 2023 and increase its headcount by 50pc.
Cavan-based renewable energy company Galetech Group has acquired a 38pc stake in wind energy company Optinergy.
Optinergy specialises in the provision of operations and maintenance services across several wind farms in Ireland and Northern Ireland.
Following the deal with Galetech Group, Optinergy plans to double its turnover by 2023 and increase its headcount by 50pc.
The stake was previously held by BVP Investments for five years and provided Employment and Investment Incentive Scheme (EIIS) investment.
Darren Sherry, director of Galetech Group, said he has been impressed with Optinergy’s growth over the last number of years.
“Given the successful relationship enjoyed with BVP Investments recently, it was the opportune time to increase our interest in Optinergy and assist them in continuing their expansion. The Optinergy team are experts at what they do and will enhance Galetech Group’s client offering.”
Optinergy was recently awarded a four-year contract with SSE Renewables, which will see it provide support to SSE Renewables’ fleet of wind turbines across Ireland and Northern Ireland.
Aiden Watters, managing director of Optinergy, said this was “a real vote of confidence” in the company.
“Becoming part of Galetech Group aligns with our priority of continuing to grow the business both in Ireland and overseas, and I look forward to working with what is a world-class team.”
Wind is picking up
The wind industry has been gathering momentum for several years and Ireland is particularly well placed for this particular type of renewable energy due to its coastlines.
Earlier this month, Octopus Renewables snapped up a 24pc stake in Cork-based marine project developer Simply Blue Energy.
And in April, Danish power company Ørsted announced that it would acquire Brookfield Renewable Ireland’s onshore windfarm business in a €571m deal.
There have also been interesting data project developments in the area of renewable energy.
At the beginning of the year, CeADAR and SSE Airtricity collaborated on a new system that uses AI to predict the amount of renewable energy that will be produced at windfarms.
And Dublin-based wind resource assessment company BrightWind launched an open data platform that aims to help analysts and researchers ‘better understand the wind in Ireland’.