Irish engineering group Gavin & Doherty Geosolutions (GDG), specializing in flood defense systems and wind power plants, was acquired by a newly formed UK company for an undisclosed amount.

The cash and equity transaction will lead to the creation of 230 GDG positions, primarily in Ireland, over the next three years.

GDG and two other renewable energy companies – Osbit and FoundOcean – have been acquired by British group Venterra, a combination of British businessman Ayman Asfari and other investors in climate technologies.

Venterra hopes to capitalize on the massive recovery in demand for offshore wind power.

GDG, which has worked on major Irish and overseas engineering projects including offshore wind projects in Taiwan, the Baltic Sea and the China Sea, currently employs 120 people, the majority of whom are based here.

“The world of clean energies”

“The transition to a clean energy world is not only an environmental imperative, but also a huge business opportunity for companies like ours and, indeed, for countries around the world, including Ireland, given of our renewable natural resources, ”said GDG CEO. and founder Paul Doherty said.

“The acquisition of GDG is a very important part in the creation of the Venterra Group and it reflects the quality of the team we have here in Ireland and our trajectory as a company,” he said.

“This will allow us to significantly expand our operations here in Ireland and we will immediately begin our recruiting program, offering positions in a leading edge company working in a space that will bring huge societal gain,” he said.

Wind speeds

By 2030, renewables are expected to provide 90% of the growth in global electricity demand. The Irish market also offers significant opportunities, especially in the development of floating offshore wind power, particularly off the west coast of Ireland due to the unparalleled mix of wind speeds and seabed, which represent 11 times its landmass.

Venterra calculates that its addressable global market will average £ 8 billion (€ 9.4 billion) per year over the next decade as capacity.

“To enable Venterra to play an important role in the growth of the industry, it has assembled a strong board and management team with a business plan to invest around £ 250million in cash and the issuance of shares by mid-2022 in capacities across the wind farm. life cycle, ”he said.

The company said it would seek – at some point – a public listing of its shares “in order to maintain its growth path.”