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Siemens Gamesa has entered into an agreement with SSE to sell South European renewables development assets for a total cash consideration of €580 million.
This sale includes a pipeline of onshore wind projects with a total capacity of 3.9GW in various stages of development in Spain, France, Italy and Greece, with the possibility to develop up to 1GW of co-located photovoltaic projects. A team of around 40 persons from Siemens Gamesa will be integrated in SSE as part of the agreement. As part of the transaction, SSE Renewables will have the opportunity to partner with Siemens Gamesa on the provision of turbines and associated long-term maintenance services for a portion of wind farms installed and operated by SSE in the next few years coming from this sale. The closing of this transaction is expected to take place during Siemens Gamesa’s fiscal year 2022.
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