Accounting Firms

PKF Francis Clark advises Hexicon on Wave Hub acquisition

The deal, first announced in May and now completed, saw Hexicon’s UK subsidiary, TwinHub Limited, acquire the assets of Wave Hub Limited from Cornwall Council

PKF Francis Clark has revealed that it has advised Hexicon, a developer of floating wind farms, on its recent acquisition of the Wave Hub offshore renewable energy test site in Cornwall.

The deal, first announced in May and now completed, saw Hexicon’s UK subsidiary, TwinHub Limited, acquire the assets of Wave Hub Limited from Cornwall Council.

The firm supported Hexicon on the acquisition of Wave Hub by carrying out financial and tax due diligence.

Robert Gear, corporate finance director at PKF Francis Clark, said: “This landmark deal highlights the investor appetite we continue to see for UK renewable energy projects, and offshore wind in particular.

“It also reaffirms the South West’s credentials as a region with the natural resources, skills and buy-in from public and private sector leaders to play a leading role in the transition to net zero.”

Marcus Thor, chief executive, Hexicon, added: “TwinHub’s acquisition of Wave Hub is fully in line with Hexicon’s long term ambition of developing large scale floating wind projects capable of delivering consistent and secure renewable energy at the lowest possible cost.

“We look forward to supporting Cornwall’s aspirations to become a base for floating offshore wind projects in the Celtic Sea.”

The PKF Francis Clark team comprised Andrew Killick, Robert Gear, Bob Meier and Richard Wadman. Hexicon was also advised by Green Giraffe and Eversheds Sutherland.

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