Siemens Gamesa has completed the sale of South European renewables development assets to SSE for €613 million in cash.
This sale includes a pipeline of onshore wind projects with a total 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 around 50 people from Siemens Gamesa, with strong sector experience in those countries, will be integrated in SSE as part of the agreement.
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.
“With this sale, Siemens Gamesa is optimizing its portfolio of assets and maximizing value. 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,” says Jochen Eickholt, CEO of Siemens Gamesa.
“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,” said Stephen Wheeler, Managing Director of SSE Renewables.
BofA Securities, CMS Albinana&Suarez de Lezo and Deloitte acted as advisors to Siemens Gamesa on the transaction.