Reference is made to the stock exchange announcement dated 26 June 2023 regarding ESCO Consultants ASA subsidiary JMC’s planned acquisition of Denmark-based offshore wind consultancy Delta Wind Partner ApS (DWP). The acquisition has today been successfully completed.

DWP is a specialist solutions provider for wind turbine generators (WTG).

The acquisition expands JMC’s technical offering in wind turbines and in consultancy at the installation and O&M phases of an offshore wind project. It also provides an opportunity to further grow DWP’s unique approach to WTG optimisation both globally and in the floating offshore wind market. DWP has a track-record of supporting both bottom-fixed and floating wind projects.

The addition of DWP also gives JMC and ESCO Consultants a local presence in the Danish market, increasing the opportunity to support Denmark in delivering its renewable energy targets. Similarly, the acquisition provides DWP an opportunity to expand its expertise internationally across JMC’s office network spanning 14 countries in the world’s key offshore wind regions. 

JMC has acquired 100 percent of the shares in Delta Wind Partners for a total closing consideration of approximately DKK 11.4 million (USD 1.7 million). The consideration is settled as follows:

• Issuance of 413,838 ordinary ESCO Consultants shares (the “Consideration Shares”) at a subscription price of NOK 15.29 per ESCO Consultants share, based on the 20-day value weighted average share price on 26 June 2023.
• DKK 7.4 million (USD 1.1 million) settled in cash on completion (the “Cash Consideration”).

The Consideration Shares are subject to a lock-up agreement and certain restrictions for 3-5 years, and will be issued pursuant to authorisation granted to the Board of Directors by ESCO Consultants ASA’s Annual General Meeting on 31 May 2023. Subsequent to the transaction, ESCO Consultants ASA’s share capital will be NOK 12,335,036.70 divided on 123,350,367 shares each with a par value of NOK 0.10.

JMC is a specialist global consultancy that helps develop and deliver projects and investments in offshore and onshore wind, solar PV, battery energy storage, hydrogen, and wave & tidal energy.  The company specialises in project development services, owner’s engineering and technical due diligence. JMC also includes geo-consulting specialists East Point Geo, and the French marine renewable energies specialists ESCO.

Visit the Delta Wind Partners (DWP) website:

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He is a generalist Project Manager with a mechanical engineering background and over 10 years of project management experience in the energy infrastructure sector.  He is accustomed to the specificities of multiple energy markets, having worked on major projects in Asia, Europe, the Middle East, and the Americas. His key experiences include the management of fast-track energy projects at tender or auction stage, during development and execution, early definition of project financing requirements and negotiation of complex partnership agreements with industry leaders.

His cross-industry experiences working for an EPCI contractor, project developer and vessel owner provide him with the necessary versatility to efficiently interact with all stakeholders along the project lifecycle, while benefiting from cross-industry insights.

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The acquisition expands JMC’s technical offering in wind turbines and in consultancy at the installation and operational phases of an offshore wind project. It also provides an opportunity to further grow DWP’s unique approach to WTG optimisation both globally and in the floating offshore wind market.  

“With Delta Wind Partners we are broadening our expertise and experience so we can provide the most comprehensive technical offering to support the acceleration of the offshore wind industry. It gives us a presence in an important offshore wind market, at the heart of where the wind energy sector was born. DWP’s impressive expertise in WTG technology at the latter phases of an offshore wind project’s lifecycle perfectly complements JMC’s experience at the development phase, something that combined will add great value to our clients. As we also have a track-record of working together, this acquisition is not only a clear technical fit, but also a perfect cultural fit.”

William Cleverly, CEO of JMC

ABOUT DELTA WIND PARTNERS (DWP)

DWP was established by a team of engineers specialising in wind turbine construction and operation. The consultancy provides technical solutions to support clients in getting the most out of their WTGs throughout the lifecycle of an offshore wind farm. The company has a track-record of supporting both bottom-fixed and floating wind projects.

Based in Silkeborg, Denmark, DWP has worked on projects locally and abroad in the UK, Ireland, Japan and South Korea.

In the last 12 months as of April 2023, the company delivered revenue of approximately DKK 15.6 million (USD 2.3 million), and EBIT of approximately DKK 2.7 million (USD 0.4 million).  

COMPLEMENTARY EXPERTISE

The acquisition expands JMC’s offering to clients at installation and O&M phases and offers opportunity to apply lessons learnt from latter project phases into feasibility and development, adding value to JMC, clients and the industry at large.

The addition of DWP also gives JMC and ESCO Consultants a local presence in the Danish market, increasing the opportunity to support Denmark in delivering its renewable energy targets.

Similarly, the acquisition provides DWP an opportunity to expand its expertise internationally across JMC’s office network spanning 14 countries in the world’s key offshore wind regions.  The added value of DWP’s breadth of knowledge in turbine technologies also enhances JMC’s overall support for the development and innovation of floating wind technology.

“This is an exceptional opportunity for Delta Wind Partners, as it allows us to leverage our complementary competencies and expand our reach in the areas where we excel: planning and executing the WTG aspects of projects. By combining our unique turbine expertise with JMC’s industry-leading capabilities, we gain unparalled access to a wider range of projects, particularly in the thriving field of floating wind.

“Additionally, this strategic consolidation positions us to better support Denmark in its ambitious offshore wind commitments, including the upcoming auction of 9 GW of capacity starting this year. This consolidation builds upon an existing mutual respect and friendship, providing an excellent opportunity to grow our team and expertise for the benefit of colleagues and clients alike.”

René Aagaard, Director and Co-Founder of Delta Wind Partners (DWP)

TRANSACTION TERMS

JMC has agreed to acquire 100 percent of the shares in Delta Wind Partners. The total closing consideration of approximately DKK 12 million (USD 1.8 million) will be settled with a combination of approximately DKK 8 million in cash and 413,838 shares in ESCO Consultants ASA. The acquisition is expected to be completed during the third quarter of 2023.

JMC is part of leading global consultancy and engineering group, ESCO Consultants ASA. The acquisition of DWP is a purely renewable energy acquisition, reflecting both JMC and the parent company’s commitment to driving sustainability and energy transition technologies.

JMC is a specialist global consultancy that helps develop and deliver projects and investments in offshore and onshore wind, solar PV, battery energy storage, hydrogen, and wave & tidal energy.  The company specialises in project development services, owner’s engineering and technical due diligence. JMC also includes geo-consulting specialists East Point Geo, and the French marine renewable energies specialists ESCO.

Find our more about Delta Wind Partners here:

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Sunjung has worked as the head of the department for most of her experience. She also has experience in marketing and sales, as well as designing and developing large-size WTIVs and detachable WTIV concepts. In R&D activities, she participated in the R&D of onboard CCS, Liquified CO2 carrier, and Liquified Hydrogen carrier. She joined JMC in 2021 as Deputy Country Manager and WTG package manager and has been Country Manager in Korea since October 2022. She is a PhD in Mechanical and Structural Engineering (US).

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