Siemens Gamesa to sell South European renewables development assets to SSE

Siemens Gamesa has entered into an agreement with SSE to sell South European renewables development assets for a total cash consideration of EUR580 million (US$626 million).

This sale includes a pipeline of onshore wind projects with a total capacity of 3.9 GW in various stages of development in Spain, France, Italy and Greece, with the possibility to develop up to 1 GW of co-located photovoltaic projects.

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. Transaction closing is subject to customary regulatory approvals of the competent authorities. Purchase price consideration is subject to customary post-closing adjustments.