Siemens Gamesa Renewable Energy SA sells renewable energy development assets in Southern Europe to SSE for a total consideration of €580 million

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Siemens Gamesa to sell renewable energy development assets in Southern Europe to SSE for a total of 580 million euros

• 3.9 GW portfolio includes onshore wind projects in Spain, France, Italy and Greece
• A total of approximately 40 people will be onboarded into SSE Renewables, bringing their development experience and background in these regions
• The transaction also considers the possibility of providing turbines and maintenance services

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Siemens Gamesa has reached an agreement with SSE to sell renewable energy development assets in Southern Europe for a total cash consideration of €580 million.

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

A team of approximately 40 people from Siemens Gamesa, with strong industry experience in these countries, will be integrated into SSE as part of the agreement.

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

“Today’s announcement demonstrates Siemens Gamesa’s ability to optimize its asset portfolio and maximize value. Our project development team in Southern Europe has built an excellent and unique portfolio of wind projects across four countries over the years; as a result, there has been a very strong market interest in this portfolio and we are confident that SSE will be the right partner to develop these projects and integrate our employees,” says Jochen Eickholt, CEO of Siemens Gamesa.

“We are delighted to drive the implementation of SSE’s Net Zero acceleration program by expanding our existing renewable energy business in Southern Europe through this acquisition. Continental Europe is an exciting growth market for onshore wind, with clear carbon reduction targets and supporting policies, while the expert will perfectly complement our industry leading capabilities. The portfolio of projects brings excellent assets and will be a real springboard for our expansion plans in Europe in the areas of wind, solar, batteries and hydrogen,” said Stephen Wheeler, Managing Director of SSE Renewables.

The closing of this transaction is expected to occur in Siemens Gamesa’s 2022 fiscal year. Closing of the transaction is subject to customary regulatory approvals from relevant authorities. The purchase price consideration is subject to customary post-closing adjustments.

BofA Securities and CMS Albiñana&Suárez de Lezo acted respectively as financial and legal advisors to SGRE in connection with the transaction.

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