Siemens Gamesa announced the completion of the sale of South European renewables development assets to SSE for a total cash consideration of €613 million (€580 million corresponds to the purchase price and €33 million 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. (Here the announcement of the deal).
This sale includes a pipeline of onshore wind projects with a total capacity of 3.8 GW in various stages of development in France, Greece, Italy and Spain, with the possibility to develop up to 1.4 GW of co-located photovoltaic projects.
A team of around 50 people from Siemens Gamesa, with strong sector experience in those countries, 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.
“We are delighted to have closed this transaction ahead of schedule and really excited to welcome new
BofA Securities, CMS Albiñana&Suárez de Lezo and Deloitte acted as advisors to Siemens Gamesa on the transaction.
CMS Albiñana&Suárez de Lezo acted with a team composed by César Albiñana, Corporate/M&A, Elena Aguilar, partner, Corporate/M&A and Ignacio Grangel, partner, Public Law & Regulated Sectors. Other members of the team included: associates Victoria Vilar, Javier Belmonte and Patricia Miralles (Corporate/M&A), partner Elena Esparza, associate María José Ramos (Employment), counsel José Luis Pérez Campoamor, Lorena Moreno and Nora Pallaruelo associates (Public Law & Regulated Sectors). The remaining team members were: Rafael Sáez, counsel, Reinsurance & Innovation, Carlos Vérgez, partner, Competition & EU and Jorge Peño, senior associate Real Estate.
Gamesa acted with its in-house team composed by Javier Cabezudo Pueyo, Ane Lamela Domínguez, Jagoba Etxarandio, Guillermo Gómez de Foncea Pastor, Ángel Corcóstegui, Borja López de Lorenzo, CFA and Jaime García Curran.