Siemens Gamesa Renewable Energy Opting to Sell Onshore Wind Developments to SSE

Apr 20, 2022 By MarketDepth

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Siemens Gamesa Renewable Energy (OTCMKTS: GCTAY) has opted to sell its portfolio of onshore wind development projects to network operator SSE (OTCMKTS: SSEZY) for a total of USD628 Million. Additionally, as part of the agreement, approximately 40 of the turbine maker’s employees will also be moving to SSE.

“Today’s announcement demonstrates Siemens Gamesa’s capacity to optimize its portfolio of assets and maximize value. Our South European project development team has built an excellent and unique portfolio of wind projects in four countries over the years; as a result, there has been very strong market interest for this portfolio and we are confident SSE will be the right partner to develop these projects and integrate our employees.”

Jochen Eickholt, CEO of Siemens Gamesa

According to SSE Renewables’ Managing Director, Stephen Wheeler, the project portfolio is set to “provide a real springboard for our expansion plans in Europe across wind, solar, batteries and hydrogen.”

SSE Focused on Renewable Efforts

Furthermore, an analyst at Hargreves Lansdown, Laura Hoy, says the sale proves that SSE is focused on its renewable efforts and the acquisition is evidence of management’s conviction.

“We are delighted to boost the delivery of SSE’s Net Zero Acceleration Programme by expanding our existing renewables business into Southern Europe through this acquisition. Mainland Europe is an exciting growth market for onshore wind, with clear carbon reduction targets and supportive policies, whilst the expert management team will complement our sector-leading capabilities perfectly,” Wheeler said.