Evoterra has purchased the entire share capital of Terrain Energy and MicroEnergy Generation Services. The creation of Evoterra brings Calculus’s traditional and renewable energy companies under one umbrella. It is envisioned the merged group will benefit from improved combined performance through resulting synergies and repositioning as a transition energy company thus offering upside potential to all shareholders supported by stable cashflows.
During the cashless transaction, the original shareholders of Terrain and MicroEnergy were hived up to Evoterra Limited. These shareholders now hold shares in Evoterra rather than directly in Terrain and MicroEnergy but Terrain and MicroEnergy still exist as wholly owned subsidiaries of Evoterra and carry out the same trade as previously.
MicroEnergy owns and operates a fleet of 5kW onshore wind turbines in East Anglia which generate stable annuity type revenues largely from the UK’s Feed in Tariff regime.
Terrain Energy is an oil and gas exploration and production company with interests in eight onshore licences in the UK and Germany, including Egmating and Starnberger See where there have been several gas discoveries in recent years.