Home Energy assets Siemens Gamesa Completes Sale of Renewable Energy Development Assets in Southern Europe

Siemens Gamesa Completes Sale of Renewable Energy Development Assets in Southern Europe


Siemens Gamesa announced the completion of the sale of renewable energy development assets in Southern Europe to SSE for a total cash consideration of 613 million euros (580 million euros correspond to the purchase price and 33 million euros to estimated working capital and net debt adjustments as of June 30, 2022). The adjustments mentioned remain subject to the usual examination of the post-closing accounts.

This sale includes a pipeline of onshore wind projects with a total capacity of 3.8 GW at various stages of development in France, Greece, Italy and Spain, with the possibility of developing up to 1.4 GW of projects photovoltaic (PV) co-located.

A team of approximately 50 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, Siemens Gamesa will have the opportunity to partner with SSE Renewables 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. .

“We are pleased to have successfully completed the transaction with SSE before the end of our 2022 fiscal year, as announced in April. With this sale, Siemens Gamesa is optimizing its asset portfolio and maximizing its value. We are convinced that SSE is the right partner to develop the excellent portfolio of wind projects built over the years by our Southern European project development team, which will now also be part of SSE. This agreement will strengthen our relationship with SSE, as it will benefit both companies,” said Jochen Eickholt, CEO of Siemens Gamesa.

“We are delighted to have completed this transaction ahead of schedule and truly delighted to welcome new colleagues to the SSE Renewables business. There is a fantastic local team in place who will help us establish a long-term presence in Southern Europe by developing, building and operating wind, solar and onshore storage infrastructure. We look forward to continuing to work with communities and stakeholders across the region to deliver the energy transition,” said Stephen Wheeler, Chief Executive Officer of SSE Renewables.

BofA Securities, CMS Albiñana&Suárez de Lezo and Deloitte acted as advisors to Siemens Gamesa in connection with the transaction.

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