15 July 2014
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised Rame Energy plc (“Rame”) on the acquisition of the entire share capital of Beco Ltd (“Beco”), one of the United Kingdom’s longest established designers and installers of photovoltaic (PV) energy systems. AIM-listed Rame funded the acquisition through the issue of new ordinary shares.
Beco has over 30 years’ experience in the UK solar industry and specializes in PV systems for domestic, commercial, marine and off-grid uses. The company also installs wind turbines, in particular the Kingspan KW6 turbine, which is the world’s most popular small scale wind turbine. The acquisition complements and strengthens Rame’s established international energy consultancy business, which supplies power generation solutions to the industrial, mining and utility sectors, and is particularly active in Chile and Central and Southeast Asia.
WFW advised Rame on the acquisition, and the issuance of the new shares. In April, the firm advised Rame on its admission to trading on the AIM market of the London Stock Exchange plc.
The WFW team was led by Head of Natural Resources and London Corporate, partner Jan Mellmann, assisted by corporate associate David Teare and senior associate Rhodri Thomas, who provided advice on employment law.
WFW London partner Jan Mellmann commented:“This transaction will allow Rame to expand its solar power activities worldwide and provide further expertise to the energy consultancy side of Rame’s business and also supplements the company’s power generation portfolio interests. Having recently advised on Rame’s AIM IPO, we are delighted to have assisted again on the Beco acquisition, which fits firmly with WFW’s expertise in the renewable energy sector and on AIM transactions.”
Tim Adams, CEO of Rame commented: “Having collaborated with Beco on a number of solar opportunities over the past five years, we are delighted to have agreed the acquisition and to welcome its multi-skilled team into the Group. Beco’s proven expertise in both grid connected and off-grid solar power projects, and the synergies between our groups, will allow Rame to substantially expand our solar power activities worldwide, and also strengthen our engineering division’s capability to deliver cost effective and reliable power solutions to blue chip customers around the world. As well as the potential to increase turnover and profits at Rame’s engineering division, the acquisition of Beco will support the opportunity we have identified to develop solar power projects as an independent power producer, similar to the wind power projects we are constructing in Chile, where the first two of a multi-project 300MW three-year programme are due to come on stream later this year.”