Co Cavan-based renewable energy company Galetech Group has bought a majority stake in Optinergy from BVP Investments.
Optinergy, also based in Cavan, is an independent wind turbine operations and maintenance provider on the island of Ireland.
Today's deal marks the end of a successful five-year relationship between Optinergy and BVP Investments.
BVP provided Employment and Investment Incentive Scheme (EIIS) investment during a period of significant growth for Optinergy, which allowed the company to both increase the number of people it employs and enter new markets.
The global market for wind turbine operation and maintenance is expected to grow to just under €45 billion by 2028, an almost 50% increase on the value of the market in 2021.
Optinergy currently provides services across several wind farms in both Ireland and Northern Ireland. The company has diversified into other areas of renewable energy, with expertise in solar and battery storage assets in recent years.
Galetech Group will continue to invest in Optinergy, who have plans to double their turnover and increase employee numbers by 50% by 2023. The company currently employs 40 staff.
Optinergy recently secured a framework contract with SSE Renewables which will see them provide support to SSE Renewables' fleet of wind turbines across the island of Ireland.
Darren Sherry, Director at Galetech Group, said that Optinergy is a company which it knows well.
"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," Mr Sherry said.
Aiden Watters, Managing Director of Optinergy, said today's deal marks the culmination of a lot of hard work and dedication by Optinergy staff and shareholders.
"The framework agreement with SSE Renewables is a real vote of confidence in the expertise we bring to our clients every day," Mr Watters said.
"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," he added.
