SSE buys Siemens Gamesa’s European onshore wind portfolio

Europe – SSE Renewables has agreed to pay €580 million to Siemens Gamesa Renewable Energy (SGRE) for its existing European renewable energy development platform.

The SGRE portfolio includes c.3.9GW of onshore wind development projects, with up to 1GW of additional co-located solar development opportunities. Around half of the portfolio is located in Spain, with the rest spread across France, Italy, and Greece. SSE Renewables will also take a team of around 40 employees with extensive industry experience.

Growth prospects

The transaction is expected to close by the end of September 2022, pending receipt of all necessary regulatory and foreign direct investment approvals.

The four countries where the SGRE development assets portfolio is located have strong growth prospects, backed by 2030 renewables or carbon reduction targets and attractive remuneration schemes. By March 2026, SSE Renewables hopes to have around 500MW of renewable energy projects operational from the SGRE portfolio, with another 500MW under construction.