Global renewable energy company RES has acquired REG Power Management’s asset management business, which includes contracts to manage a portfolio of 43 operational wind and solar projects.
The move brings RES’s renewable energy support services portfolio to 5GW.
The asset management division of RPM’s portfolio includes wind and solar projects owned by BlackRock, John Laing Environmental Assets Group and Equitix.
RPM chief executive Andrew Whalley said: “We are delighted to reach agreement with RES to sell our asset management business, providing continuity for both our clients and staff.
“The sale will allow RPM to focus on its development business encompassing some 1GW of UK wind and solar projects, which can help meet the UK’s urgent requirement for more low-cost renewable energy in the future.”
RES chief executive Ivor Catto said: “Clients want to maximise production of clean electricity from their wind and solar assets and see long term, healthy returns across their portfolios.
“At RES we work with leading global renewable energy investors, enhancing asset performance and improving the financial outcomes for our clients.
“RES is leading the support service market growth as we expand our asset management, operation and maintenance services across all 10 of our markets around the world.
“Through this deal we have acquired a very strong team who will complement RES capabilities from day one.”