SSE Renewables has acquired Siemens Gamesa Renewable Energy (SGRE) onshore wind farm development projects on mainland Europe for £480m.
The SGRE portfolio includes around 3.9 GigaWatts (GW) of onshore wind development projects – around half of which is located in Spain with the remainder across France, Italy and Greece – with scope for up to 1GW of additional co-located solar development opportunities.
SSE Renewables will also take on a team of around 40 employees with vast experience in the sector.
The transaction is likely to be completed by the end of September 2022, subject to receipt of relevant foreign direct investment and regulatory approvals.
SSE Renewables is aiming to have around 500 MegaWatts (MW) of renewable projects from the SGRE portfolio operational by March 2026, with a further at least 500MW in construction.
It plans to generate 4GW of net additions over five years, doubling installed renewables capacity to 8GW (net) by 2026; maintaining a pipeline of at least 15GW of renewables development projects.
Target delivery of at least 1GW net capacity additions per year during the second half of the decade and treble the installed renewables capacity to more than 13GW (net) and in turn target a fivefold increase in renewables output to 50 Tera Watt hours annually by 2031.
Stephen Wheeler, managing director at SSE Renewables: "We are delighted to boost the delivery of SSE’s Net Zero Acceleration Programme by expanding our existing renewables business into Southern Europe through this acquisition.
Mainland Europe is an exciting growth market for onshore wind, with clear carbon reduction targets and supportive policies, whilst 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."
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