SSE Renewables announced it entered an agreement with Siemens Gamesa Renewable Energy (SGRE) to acquire its existing European renewable energy development platform for €580 million.
“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,” said SSE Renewables.
“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 an entry by SSE Renewables into Southern Europe, building on its 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 four countries in which the SGRE portfolio of development assets are located have strong growth prospects, underpinned by 2030 renewables or carbon reduction targets and attractive remuneration schemes,” added SSE Renewables.
“The platform, alongside the experienced development teams, will provide an excellent base for continued sourcing of development opportunities across onshore and offshore wind, solar, batteries and hydrogen, all of which are core to SSE’s growth strategy.
“It also presents opportunities to enter wider European markets.”
SSE Renewables MD Stephen Wheeler said: “We are delighted to boost the delivery of SSE’s Net Zero Acceleration Programme by expanding our existing renewables business into Southern Europe through this acquisition.
“Mainland Europe is an exciting growth market for onshore wind, with clear carbon reduction targets and supportive policies, whilst the expert management team will complement our sector-leading capabilities perfectly.
“The project portfolio brings some excellent assets and will provide a real springboard for our expansion plans in Europe across wind, solar, batteries and hydrogen.”