Cathal Friel-led EGT to buy Arena Capital Partners unit from liquidators

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European Green Transition (EGT), the London-listed company led by serial entrepreneur Cathal Friel, has agreed to buy a business servicing onshore wind farms from the liquidators of Arena Capital Partners.

The onshore wind turbine operating, maintenance, repairing and remote monitoring business is being acquired for £3.5 million (€4 million) in cash, EGT said in a statement. The unit, which currently services more than 900 turbines across the UK and Republic, delivered about £900,000 of earnings before interest, tax, depreciation and amortisation (ebitda) on £14.7 million of revenues last year.

“We are acquiring these businesses at an exciting time following the removal of the de facto ban on onshore wind in the UK imposed by the Conservative government,” said Friel, executive chairman of EGT. “This has created a significant and immediate repowering opportunity which involves replacing and upgrading ageing wind turbines.”

EGT, cofounded by Friel, floated on the stock market in April 2024 with an aim of building a portfolio of assets and businesses needed for the green energy transition.

It’s initial seed portfolio included two Swedish exploration projects for critical metals such as lithium, used for electric vehicle batteries, and rare-earth metals such as dysprosium and terbium, used in the manufacturing of wind turbines.

It also has an exclusive option over the prospective Altan carbon credit project in Donegal, covering 1,370 acres of peatland.

Arena Capital Partners was placed into liquidation in December following a failed examinership bid.

The renewable energy projects developer owed nearly €112 million to holders of loan notes, an unregulated product, at the time of the High Court liquidation order. The management accounts for the year ending June 2025 recorded a net asset deficit of nearly €65 million.