Singapore-listed Sheffield Green is shifting its focus from pure manpower provision to the maintenance of wind power infrastructure, aiming to diversify its income streams beyond hiring workers for the clean energy sector. The company, spun off from an oil and gas recruiter in 2023, is currently in advanced talks to acquire a majority stake in an Asian firm and is exploring deals in Europe. Chief executive Bryan Kee said the goal is to acquire at least two or three entities to expand geographical coverage and increase recurring revenue, as wind turbines require constant upkeep for 15 to 20 years. Sheffield Green’s training business, rebranded as Trainergy in April, has been a strong performer. Revenue from training grew more than sevenfold to US$1.7 million in the fiscal year ending June, a period which also saw net profit jump 51.3 per cent to US$1.5 million. Kee indicated that Trainergy could undergo a spin-off listing in two to three years once enough training companies are acquired. Sheffield Green also has a facility in South Korea set to start operations next year and a joint venture in Sarawak, Malaysia, which aims to train workers for domestic oil and gas needs as well as offshore wind farms.
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Despite the aggressive expansion, Kee said profit remains the priority. The company has US$6 million in cash and no borrowings as of end-June, which it plans to use to fund a mix of cash and bank financing for future acquisitions. Kee is looking for companies with sound finances that can help grow profit, noting that Sheffield previously explored but did not close a deal for the UK-based Advanced Blade Repair Services. To avoid becoming a commodity player, Sheffield Green is collaborating with manufacturers like Vestas to offer specialized training, such as maintenance for specific turbine components.
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Growing pains and future outlook
Sheffield Green’s growth is occurring against a backdrop of regional instability. While the Middle East conflict has opened doors for renewable energy projects in places like Oman, the company’s core market in Taiwan faces scrutiny. Sheffield Green disclosed in August that its Taiwanese unit is under investigation for alleged discrepancies between job descriptions and actual work assignments for two Indonesian workers. Kee noted that Taiwan’s offshore wind market remains stable for the next five to 10 years, but the legal issue serves as a reminder that rapid scaling brings regulatory risks. Kee expects Japan to be the next boom market for offshore wind, starting around 2030, even after Mitsubishi Corp withdrew from several projects due to costs. While floating wind farms remain a distant prospect due to high expenses, the company is actively scouting opportunities globally. Kee emphasized that while Sheffield Green is casting a wide net, its strategy depends on maintaining profitability to ensure it can continue to pay dividends and fund its acquisitions.