SSE to buy SGRE’s European renewable assets for €580m

SSE to buy SGRE’s European renewable assets for €580m

21 Apr 2022

SSE Renewables has agreed to acquire Siemens Gamesa Renewable Energy (SGRE)’s south European renewable energy development assets for a total consideration of €580m (US$628m).

The transaction includes a portfolio of onshore wind projects located in Spain, France, Italy and Greece, with a total capacity of 3.9GW, currently in various stages of development.

In addition, the onshore windfarm portfolio is anticipated to support the development of up to 1GW of additional co-located solar photovoltaic projects.

SSE Renewables targets to put around 500MW of projects from the SGRE portfolio into operation by March 2026.

Under the terms of the transaction deal, a team of around 40 experienced Siemens Gamesa personnel will be transitioned into SSE Renewables.

In addition, SSE Renewables holds an option to partner with Siemens Gamesa on the provision of turbines and their long-term maintenance service in the next few years.

The acquisition is expected to be closed by the end of September this year, subject to customary regulatory approvals, and approval from the relevant foreign direct investment authorities.

For more information visit SSE Renewables’ website.

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