Thursday, May 30, 2024

NRG Panel acquires Galway based JFW Renewables

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Monaghan based renewable energy services firm, NRG Panel, has bought Galway based JFW Renewables.

Financial terms of the deal have not been disclosed.

Headquartered in Loughrea, JFW installs solar PV, battery and EV charging services around Ireland.

JFW Renewables employs around 50 people, bringing the total numbers employed by NRG Panel to around 125.

Irish private equity firm, Melior Equity Partners, which partnered with NRG Panel in October of last year, is supporting the deal.

“JFW is an innovative business with an amazing reputation for customer service,” said NRG CEO, Conor Foley.

“We have a plan to combine the management talent and best practices of both businesses to deliver on our vision to create a cleaner, more sustainable island.”

“This is a significant step forward in our objective of building the market leading, diversified renewable energy partner for homeowners, businesses, communities and utilities on the island of Ireland. Melior was instrumental in both finding and executing this acquisition.”

Based in Castleblayney, Co Monaghan, but servicing residential and business customers across the country, NRG was founded in 2015 by founded in 2015 by Conal O’Reilly and Ollie Hughes.

NRG will continue to be led by CEO Conor Foley, assisted by a leadership team made up of individuals from both businesses.

Gearoid Whelan will hold a significant equity stake in the group and will join the leadership team as Chief Revenue Officer and also become a director on the group’s board.

“I am excited by the opportunity to create a national renewable energy champion alongside NRG,” he said.

“The scale of the combined group, with the support and capital backing of Melior, will allow us to invest ambitiously in our people and add a range of exciting new services for our customers.”

The company has plans to further grow its footprint in the Republic of Ireland and Northern Ireland.

“We are very pleased to conclude this strategic acquisition so soon after our initial investment in NRG,” said Jonathan Dalton, managing director of Melior Equity Partners.

“We have a number of other near-term M&A opportunities in our pipeline and look forward to other likeminded founders joining the group.”

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