By Brian Donnelly Business Correspondent
PARKMEAD, the oil and gas firm, is expanding into the renewable energy sector.
Aberdeen-based Parkmead said it is to acquire Pitreadie Farm Limited, a
company which has extensive farmland in Scotland with significant renewable
The consideration comprises £4.9 million in new Parkmead shares, alongside
adoption of an existing £3.6m loan from Bank of Scotland.
The company said that potential has been identified for the installation of
numerous wind turbines, a solar farm and biomass production on the land
totalling 2,320 acres in Aberdeenshire.
As a result of the move, the shareholding of Parkmead’s founder and
executive chairman Tom Cross and his affiliates will increase from
approximately 19 per cent to 26%.
Ryan Stroulger, Parkmead’s chief financial officer, said: “We are delighted
to have secured this exciting opportunity in line with Parkmead’s strategy.
“The acquisition strengthens the group by adding quality assets with very
significant renewable energy potential.
“Renewable energy is an area of major opportunity for us and, with our
strong in-house technical and commercial expertise, Parkmead is very well
positioned to benefit from this acquisition. The acquisition is
complementary to Parkmead’s other business areas.”