Engineering services giant Renew has struck a new refinancing deal with three top banks, to support its ongoing growth strategy.
Under the terms of the deal, the new Revolving Credit Facility (RCF) is for £140 million over four years, expiring in October 2029.
This replaces the previous £120 million RCF held by Renew, and was agreed with NatWest, HSBC and Barclays.
Renew chief financial officer (CFO), Sean Wyndham-Quin, said: “I am pleased to have successfully refinanced and increased our RCF through to October 2029, providing the group with significant firepower to continue to deliver both its organic and inorganic growth strategy.”
Bosses said the refinancing reflects the financial sector’s continued confidence in Renew’s business model, cash generation and long-term growth prospects.
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In a recent trading update, management said they were expecting to report a record operating profit of £72 million for the year ended 30 September 2025, supported by Renew’s highest-ever turnover of £1.11 billion.
The group’s balance sheet, meanwhile, also appears “strong”, with Renew finishing the financial period with a “modest” net cash position and net debt of £6.9 million.
Alongside its current pipeline of work, bosses said the company is enjoying “significant flexibility” with regards to capital to potentially grow its business portfolio with new acquisitions.
Shortly after that, Renew acquired overhead line specialist Emerald Power, through its subsidiary, Excalon.
The deal comes amid major investment in the UK’s energy infrastructure as part of efforts to decarbonise the electricity grid by 2030.
The transaction includes an initial cash payment of £7.8 million, funded from Renew’s existing banking facilities.
A further £4.5 million is conditional on key members of the Emerald Power team remaining with the business and meeting specific profit targets.
Emerald Power reported an adjusted EBITDA of £1.9 million for the year ended 31 July 2025.
During the year, Renew continued to diversify its markets and service offering, and is well positioned to take advantage of “long-term structural growth drivers”.
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