Siemens Gamesa has sold South European renewables development assets to SSE Renewables for a total cash consideration of €613 million ($608 million).
The transaction includes a pipeline of onshore wind projects with a total capacity of 3.8 gigawatts in various stages of development in France, Greece, Italy and Spain, with the possibility to develop up to 1.4 gigawatts of colocated photovoltaic projects.
As part of the transaction, Siemens Gamesa will have the opportunity to partner with SSE Renewables on the provision of turbines and associated long-term maintenance services for a portion of the wind farms installed and operated by SSE in the next few years.
“With this sale, Siemens Gamesa is optimizing its portfolio of assets and maximizing value,” said Jochen Eickholt, CEO of Siemens Gamesa. “We are confident that SSE is the right partner to develop the excellent portfolio of wind projects built over the years by our South European project development