Kistos has announced the acquisition of EDF Energy (Gas Storage), which includes two onshore gas storage facilities in the UK, for a total consideration of £25m ($31.52m).
This strategic move aligns with Kistos’ focus on assets that support the energy transition.
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Under the terms of the sale and purchase agreement, Kistos will pay £25m in cash to acquire the entire share capital of EDF Energy (Gas Storage).
The deal includes the transfer of a skilled team of staff and contractors.
The acquisition of the Hill Top Farm and Hole House Farm gas storage sites marks Kistos’ entry into the gas storage sector.
Kistos will take over the operation of both sites and collaborate with a trading partner for the gas.
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By GlobalDataHill Top Farm, with a current gas capacity of 17.8 million therms, is undergoing expansion to increase its volume to 21.2 million therms.
This facility contributes 3.1% of the UK’s total onshore gas storage capacity.
The nearby Hole House Farm, operational from 2001 to 2018, is undergoing re-brining, with future commercial operation decisions pending.
Kistos will evaluate the potential for redeveloping and bringing the Hole House facility back online in the future.
Kistos executive chairman Andrew Austin said: “Our entry into the gas storage market marks another advancement in our growth strategy to expand the business through value-accretive acquisitions.
“Not only do these assets complement our upstream UK assets, but they also diversify our presence across the energy value chain with a foothold in the midstream market.
“We look forward to benefitting from the experience of the existing team at these sites as we assume operatorship.”
Last year, Kistos agreed to acquire all the outstanding shares of Norwegian oil company Mime Petroleum, marking its foray onto the Norwegian Continental Shelf.
