SSE Renewables, a unit of UK utility SSE plc, has agreed to buy the roughly 3.9-GW European renewable energy development platform of Siemens Gamesa Renewable Energy SA in an all-cash deal worth EUR 580 million (USD 627.4m). The transaction will mark SSE Renewables’ entry into the South European market. The target portfolio consists of onshore wind projects in Spain, France, Italy, and Greece, with scope for up to 1 GW of additional co-located solar development opportunities. Most of the projects are currently in the early stages of development, with around half of the total to be in Spain. SSE Renewables said it will aim to bring online about 500 MW of the overall capacity by March 2026 and have at least 500 MW of additional projects under construction by the same date.
The new owner will be able to order Siemens Gamesa turbines and contract the manufacturer to provide long-term maintenance services. The wind farms will be installed and operated by SSE in the next few years. As part of the deal, 40 of Siemens Gamesa’s employees will join SSE Renewables. The acquisition is pending foreign direct investment and regulatory clearance and is due to be completed by the end of September. The final price will be adjusted for the level of working capital and net debt. SSE Renewables owns and operates 4 GW of renewable energy assets in the UK and Ireland and has a secured project pipeline of close to 11 GW. Under its Net Zero Acceleration Programme, the UK firm will seek to expand its installed renewables fleet to 8 GW by 2026.