SSE acquires renewable energy development platform from SGRE

Energy firm SSE has acquired Siemens Gamesa Renewable Energy's existing European renewable energy development platform for €580.0m.

SSE said on Wednesday that the SGRE portfolio included roughly 3.9 gigawatts of onshore wind development projects, around half of which are located in Spain with the remainder across France, Italy, and Greece, with scope for up to 1.0GW of additional co-located solar development opportunities.

The FTSE 100-listed firm will also take on a team of roughly 40 employees when its entry into Southern Europe finalises by the end of September, subject to receipt of relevant foreign direct investment and regulatory approvals.

As part of the transaction, SSE Renewables will also have the opportunity to partner with SGRE on the provision of turbines and associated long-term maintenance services for a portion of wind farms in the portfolio.

SSE Renewables' managing director Stephen Wheeler said: "Mainland Europe is an exciting growth market for onshore wind, with clear carbon reduction targets and supportive policies, and 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."