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SGRE to sell southern Europe renewables assets to SSE

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Siemens Gamesa Renewable Energy (SGRE) has agreed to sell southern Europe renewables development assets to SSE for a total cash consideration of 580 million euros, including a pipeline of onshore wind projects in Spain, France, Italy and Greece.
SGRE to sell southern Europe renewables assets to SSE
Courtesy of SGRE

This sale includes a pipeline of onshore wind projects with a total capacity of 3.9 GW in various stages of development in Spain, France, Italy and Greece, with the possibility to develop up to 1 GW of co-located photovoltaic projects.

A team of around 40 persons from Siemens Gamesa, with strong sector experience in those countries, will be integrated in SSE as part of the agreement.

As part of the transaction, SSE Renewables will have the opportunity to partner with Siemens Gamesa on the provision of turbines and associated long-term maintenance services for a portion of wind farms installed and operated by SSE in the next few years coming from this sale.

“Today’s announcement demonstrates Siemens Gamesa’s capacity to optimise its portfolio of assets and maximise value” said Jochen Eickholt, CEO of Siemens Gamesa. “Our South European project development team has built an excellent and unique portfolio of wind projects in four countries over the years; as a result, there has been very strong market interest for this portfolio and we are confident SSE will be the right partner to develop these projects and integrate our employees.”

Stephen Wheeler, Managing Director of SSE Renewables, added that the acquisition will boost the delivery of SSE’s Net Zero Acceleration Programme by expanding its existing renewables business into Southern Europe.

“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” said Mr Wheeler. “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.”

For additional information:

Siemens Gamesa Renewable Energy (SGRE)

SSE

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