Siemens Gamesa has concluded the sale of South European renewables development assets to SSE.
The company completed the transaction for €613 million for a pipeline of onshore wind projects.
According to Siemens Games, it includes €580m for the purchase price and €33m to the estimated working capital and net debt adjustments as of June 30, 2022, a local report mentioned.
The projects have a total capacity of 3.8GW, with a possibility to develop up to 1.4GW of co-located photovoltaic projects. The projects are in various stages of development across France, Greece, Italy and Spain.
Under the agreement, Siemens Gamesa will join hands with SSE Renewables on the provision of turbines and long-term maintenance services of the wind farms.
Siemens Gamesa chief executive Jochen Eickholt was quoted in a statement, "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.”
Meanwhile, Managing Director of SSE Renewables, Stephen Wheeler commented, "We are delighted to have closed this transaction ahead of schedule and really excited to welcome new colleagues to the SSE Renewables business.
The company informed that it plans to build a long-term presence in Southern Europe focusing on onshore wind, solar and storage infrastructure.