Wind Energy – Acquisition
SSE Renewables has entered into an agreement with Siemens Gamesa Renewable Energy (SGRE) to acquire its existing European renewable energy development platform for a consideration of €580m.
The SGRE portfolio includes c.3.9GW of onshore wind development projects – around half of which is located in Spain with the remainder across France, Italy and Greece – with scope for up to 1GW of additional co-located solar development opportunities.
SSE Renewables will also take on a team of around 40 employees with vast experience in the sector.
The transaction is likely to complete by the end of September 2022, subject to receipt of relevant foreign direct investment and regulatory approvals.
The acquisition marks entry by SSE Renewables into Southern Europe, building on its successful renewables business in the UK and Ireland where it owns and operates 4GW of renewable assets, including nearly 2GW of onshore wind, with a secured pipeline of nearly 11GW across onshore wind, offshore wind and hydro projects.
The transaction will bring together the existing SGRE management team’s significant development experience across continental Europe and SSE’s expertise in constructing and operating wind farms, supported by its balance sheet strength.
