In July 2018 Paul Masters and Conrad Beighton of Leonard Curtis Recovery Limited as Joint Administrators of Green Energy Geothermal International Limited (in Administration) and Green Energy Geothermal UK Limited (in Administration), appointed Hilco Streambank to sell the business and assets of the Companies and their shareholding in an Icelandic subsidiary. GEG is specialist provider of patent-backed turn-key modular geothermal wellhead power plants globally, enabling a reduction in capital cost, quicker initial revenue and lower project risk. The Companies had delivered fifteen modular geothermal wellhead plants in Kenya and was in the final stages of constructing a project for Landsvirkjun, the Icelandic National Power Company.
Hilco worked swiftly to conduct a comprehensive sales and marketing exercise, whilst liaising effectively with key stakeholders to preserve and maximize value. We reached out to potentially interested parties including buyers of assets in the energy sector. We detailed the opportunity, populated a virtual data room and answered numerous due diligence enquiries. Following a significant level of global interest, Hilco successfully completed and structured a deal with Canadian energy developer and finance company ECC Global.
Jordan Oxley, CEO of ECC Global, noted that “The opportunity to acquire the company and bring a partnered finance capacity is simply a rare and amazing entry to a high value industry.”
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