Hive Energy has announced the acquisition of a 50% stake in Ethical Power Group, a sustainable energy generation company in the UK.
The deal between the companies will facilitate the delivery of more than 2GW of solar projects that are currently in development. Tenders have been submitted to construct more than 1.2GW of solar assets.
Hive Energy CEO Giles Redpath said: “Hive Energy believes that renewable energy generation is the most important thing that is going to happen to our planet over the next 50 years.
“The acquisition of Ethical Power is an exciting milestone for Hive to transition a leading renewable energy business and deliver world-class solar projects to support the decarbonisation of our energy system and accelerate the transition to a green economy.”
Ethical Power has expertise in engineering, procurement and construction (EPC) contracts, operation and maintenance (O&M), and asset management.
Currently across the UK, the company’s O&M team operates more than 250MW of solar photovoltaic (PV) projects. Other 300MW projects are expected to be constructed over the next 12 months.
Hive Energy and Ethical Power aim to develop a significant portfolio of power generating assets.
The deal is also expected to further strengthen the companies’ relationship.
Ethical Power has already been appointed as EPC contractor for Hive Energy’s projects, including the 13MW School Farm Solar Park and 44MW Woodington Solar Park in Hampshire.
The acquisition will be included in Hive Energy’s 2.8GW international pipeline of solar projects.
The combination of Hive Energy and Ethical Power is expected to create a fully integrated renewable energy business.
Financial details of the deal have not been disclosed by both companies.