The transfer of Siemens Gamesa’s South European renewable energy development assets to SSE has been finalised for a total cash consideration of €613 million.
As of June 30, 2022, this will consist of €580 million for the purchase price and €33 million for working capital and net debt adjustments.
According to Siemens Gamesa, the aforementioned modifications are still subject to the regular post-closing accounting assessment.
In addition to the potential to develop up to 1.4GW of co-located photovoltaic projects, this deal includes a pipeline of onshore wind projects with a total capacity of 3.8GW that are in various stages of development in France, Greece, Italy, and Spain.
As part of the arrangement, a group of about 50 Siemens Gamesa employees will be incorporated into SSE.
Siemens Gamesa will have the chance to work with SSE Renewables as a partner on the supply of turbines and related long-term maintenance services for a share of the wind farms installed and run by SSE in the next years as a result of this sale.
Jochen Eickholt, Siemens Gamesa chief executive, said “We are pleased to have successfully completed the transaction with SSE before the end of our fiscal year 2022, as announced in April.”
“With this sale, Siemens Gamesa is optimizing its portfolio of assets and maximizing value.”
“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 team, that will now also be part of SSE.”
“This agreement will strengthen our relationship with SSE, as it will be beneficial for both companies.”
Stephen Wheeler, Managing Director of SSE Renewables, said “We are delighted to have closed this transaction ahead of schedule and really excited to welcome new colleagues to the SSE Renewables business.”
“There is a fantastic local team in place who will help us build a long-term presence in Southern Europe developing, building and operating onshore wind, solar and storage infrastructure.”
“We look forward to continuing to work with communities and stakeholders across the region to deliver the energy transition.”
