Siemens Gamesa has completed the sale of South European renewables development assets to SSE for a cash consideration of 613 million euros.
This sale includes a pipeline of onshore wind projects with a capacity of 3.8 GW in various stages of development in France, Greece, Italy, and Spain, with the possibility to develop up to 1.4 GW of co-located photovoltaic projects.
A team of about 50 from Siemens Gamesa, with strong sector experience in those countries, will be integrated in SSE as part of the agreement. The mentioned adjustments remain subject to customary post-closing accounts review.
As part of the transaction, Siemens Gamesa will have the opportunity to partner with SSE Renewables on the provision of turbines and associated long-term maintenance services for a portion of the wind farms installed and operated by SSE in the next few years coming from this sale.
“We are pleased to have successfully completed the transaction with SSE before the end of our fiscal year 2022, as announced in April,” said Jochen Eickholt, CEO of Siemens Gamesa. “With this sale, Siemens Gamesa is optimizing its portfolio of assets and maximizing value.
We are confident that SSE is the right partner to develop the excellent portfolio of wind projects built over the years by our South European project development team that will now also be part of SSE. This agreement will strengthen our relationship with SSE, as it will be beneficial for both companies.”
“We are delighted to have closed this transaction ahead of schedule and really excited to welcome new colleagues to the SSE Renewables business,” said Stephen Wheeler, managing director of SSE Renewables. “There is a fantastic local team in place who will help us build a long-term presence in Southern Europe developing, building, and operating onshore wind, solar, and storage infrastructure. We look forward to continuing to work with communities and stakeholders across the region to deliver the energy transition.”
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