Siemens Gamesa has completed the sale of South European renewables development assets to SSE for a total cash consideration of €613m.
This comprises €580m corresponding to the purchase price and €33m to the estimated working capital and net debt adjustments as of June 30, 2022.
The mentioned adjustments remain subject to customary post-closing accounts review, Siemens Gamesa said.
This sale includes a pipeline of onshore wind projects with a total capacity of 3.8GW in various stages of development in France, Greece, Italy and Spain, with the possibility to develop up to 1.4GW of co-located photovoltaic projects.
A team of around 50 people from Siemens Gamesa will be integrated in SSE as part of the agreement.
As part of the transaction, Siemens Gamesa will have the opportunity to partner with SSE Renewables on the provision of turbines and associated long-term maintenance services for a portion of the wind farms installed and operated by SSE in the next few years coming from this sale.
Siemens Gamesa chief executive Jochen Eickholt said: “We are pleased to have successfully completed the transaction with SSE before the end of our fiscal year 2022, as announced in April.
“With this sale, Siemens Gamesa is optimizing its portfolio of assets and maximizing value.
“We are confident that SSE is the right partner to develop the excellent portfolio of wind projects built over the years by our South European project development team, that will now also be part of SSE.
“This agreement will strengthen our relationship with SSE, as it will be beneficial for both companies.”
Managing Director of SSE Renewables, Stephen Wheeler said: “We are delighted to have closed this transaction ahead of schedule and really excited to welcome new colleagues to the SSE Renewables business.
“There is a fantastic local team in place who will help us build a long-term presence in Southern Europe developing, building and operating onshore wind, solar and storage infrastructure.
“We look forward to continuing to work with communities and stakeholders across the region to deliver the energy transition.”
BofA Securities, CMS Albiñana&Suárez de Lezo and Deloitte acted as advisors to Siemens Gamesa on the transaction.