RES is to acquire Ingeteam’s renewables service division, following the signing of a sale and purchase agreement (SPA) between both parties.
Upon completion of the deal, subject to regulatory approvals, RES will have €35bn of assets under management, making it one of the largest renewable energy support services providers in the world.
The company will employ 4000 people and operate across 23 countries, while retaining its UK headquarters.
Following the acquisition RES will have 35GW of O&M services and asset management contracts around the world, serving traditional utilities, IPPs and infrastructure investors.
The company will provide support services across solar, wind, BESS, biomass, green hydrogen, and hydropower.
Following the acquisition, RES will integrate Ingeteam’s proprietary digital solutions into its existing technology services.
Ingeteam’s disposal of its renewable service division aligns with its broader strategy to prioritise development of power conversion technology.
Among other things, Ingeteam will boost spending on R&D and explore opportunities for organic growth.
As a result, Ingeteam will offer a more specialised set of solutions to its customers and support the wider electrification of society.
RES chief executive Eduardo Medina said: “We have reached a critical moment for the energy transition.
“We need innovative solutions to accelerate the pace and scale of renewables build out and servicing.
“RES will play a key role in driving meaningful progress towards global Net Zero targets by unlocking significant synergies, while building on RES’ existing track-record and expertise across the whole spectrum of renewable technologies.
“Ingeteam’s services naturally complement RES’ operations and will allow RES to bring meaningful benefits to corporates and governments, and society as a whole.”