Siemens Gamesa has agreed to sell a 3.9GW pipeline of onshore wind projects in southern Europe to SSE Renewables for a total cash consideration of €580 million.
The under-development projects are based in Spain, France, Italy and Greece. The sites could also host up to 1GW of co-located solar PV capacity.
Siemens Gamesa is not developing any other wind farms in the region.
SSE is considering contracting SGRE to supply turbines and provide long-term maintenance services for a portion of the wind farms.
Stephen Wheeler, managing director of SSE Renewables, added: “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.”
SSE Renewables aims to have around 500MW of the pipeline operational and a further 500MW under construction by March 2026.
Closing of the transaction is expected to take place during Siemens Gamesa’s 2022 fiscal year (before the end of September 2022). Transaction closing is subject to customary regulatory approvals, and purchase price consideration is subject to customary post-closing adjustments.
The transaction marks an entry into southern Europe for SSE Renewables, which has focussed on onshore wind, offshore wind and hydro projects in the UK and Ireland to date.
Siemens Gamesa CEO Jochen Eickholt said: “Today’s announcement demonstrates Siemens Gamesa’s capacity to optimise its portfolio of assets and maximise value.”
The turbine manufacturer announced the agreement alongside publishing its preliminary results for the second quarter of its fiscal year (1 October-30 September), in which it reported losses of €304 million and net debt rising to €1.7 billion.
.png)
.png)
