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SSE PLC on Wednesday said it is buying a platform for developing onshore wind power projects from Siemens Gamesa Renewable Energy.
SSE PLC, an Perth, Scotland-based energy company, said the €580 million acquisition by SSE Renewables includes a portfolio of about 3.9 gigawatts of onshore wind development projects in Spain, France, Italy and Greece.
The acquisition ‘marks SSE's entry into Southern Europe,’ the company explained.
There is scope for up to one gigawatt of additional co-located solar development opportunities, SSE added.
‘Mainland Europe is an exciting growth market for onshore wind, with clear carbon reduction targets and supportive policies, and 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,’ commented Stephen Wheeler, managing director of SSE Renewables.
Zamudio, Spain-based Siemens Gamesa's parent company is Munich, Germany-based Siemens Energy AG, which holds about 67% of the shares. Siemens Energy AG is a subsidiary of Siemens AG, one of the largest German companies by market capitalisation.
SSE said the deal is likely to complete in September, subject to regulatory approvals. The project development platform comes with 40 employees.
SSE shares were 1.3% higher at 1,809.00 pence each in London on Wednesday morning. Siemens shares were up 0.6% at €117.80 in Frankfurt.
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