Esken Renewables has been sold to sustainable infrastructure fund Pioneer Balmoral UK, its parent company Esken confirmed last month (1 December 2023).
Richard Jenkins, CEO of Esken Renewables said, “I am delighted that the transaction has gone through almost 12-months after the process commenced and we have new owners in Pioneer who share similar objectives and vision for growth”.
“I am really excited about the future and the opportunity Pioneer bring to the business and believe there are great opportunities to build and grow the business moving forward”.
The managers of Pioneer Balmoral UK, Pioneer Point Partners LLP, explained on their website that they were acquiring Esken Renewables with a strategy to continue scaling the business.
They added: ‘The Company is strongly aligned with Pioneer’s objectives of contributing to the green transition and to the circular economy.’
Established in 2009, Esken Renewables – formerly known as Stobart Energy – supplies 1.7 million tonnes of fuel to the UK biomass sector under long-term contracts, the majority of which comes from waste wood which would otherwise be destined for landfill.
The company employs over 300 people and has invested around £35 million in UK-based infrastructure. It operates a 125-strong vehicle fleet across 13 UK locations.