British energy company Viaro Energy has signed a sales and purchase agreement to acquire the complete portfolio of integrated transition energy firm Evoterra.
The transaction will result in Viaro acquiring 100% of Evoterra’s assets, including its wind turbine fleet and oil and gas exploration licences in the UK and Germany. This marks Viaro’s entry into the German renewable energy market.
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The deal is expected to close in 2025.
MicroEnergy Generation Services, a subsidiary of Evoterra, with a wind turbine fleet in East Anglia, and subsidiary Terrain Energy, which operates and holds interests in several onshore oil and gas licences, are included in the acquisition.
Viaro will also gain a non-operating stake in four onshore licences in the UK, including the Whisby oil field and Duke’s Wood, as well as the Brockham and Lidsey oil fields. The company plans to collaborate with operators to enhance production and explore the potential for geothermal energy at Duke’s Wood.
In Germany, Viaro will take over the Mullheite commercial licence in the Molasse basin, with plans to drill a well to assess the gas anomalies identified by a 3D seismic survey. The licence area also includes the Holzkirchen region, which has a history of significant oil production and potential for redevelopment.
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By GlobalDataThe acquisition includes 138 wind turbines generating 0.5 gigawatt hours (GWh) of clean energy annually, sold to Ecotricity. Viaro views this as a pilot project to gain experience in renewable energy, with aspirations to further expand its clean technology portfolio.
Viaro Energy CEO Francesco Mazzagatti said: “We were very pleased when the opportunity to acquire Evoterra presented itself, as it offers a great balance between tapping into our core strengths and diversifying our portfolio in a stable and contained manner. At a time when the traditional energy sector is exposed to rapid changes in exploration licensing policies and windfall taxation, investments in mature, producing assets are becoming particularly important for the financial stability of energy producers – including from the perspective of energy security.
“We also see great potential in Germany in this regard, where there have been a lot of productive discussions this year on how to revitalise the economy in light of increased energy costs and declining gas prices, while at the same time staying on track with transition goals.
“Pending results of our planned evaluations across Evoterra’s portfolio, we will consider the right investments in emission reduction technologies across the life cycle of traditional energy assets, as well as further diversification of activities into renewables.”
In October 2024, Viaro Energy signed a memorandum of understanding with the US-based Terrestrial Energy to develop the Integral Molten Salt Reactor (IMSR) nuclear project in the UK.
