UK’s Renewable Energy Systems (RES) has acquired REG Power Management’s (RPM) asset management business and its contracts to manage a portfolio of 43 operational wind and solar projects.
The acquisition increases RES’ renewable energy support services portfolio to 5GW.
Financial details of the deal have not been disclosed by either company.
The acquisition is expected to strengthen RES’ position in the global renewable energy support services market.
RES CEO 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 ten of our markets around the world. Through this deal, we have acquired a very strong team who will complement RES capabilities from day one.
“At RES, digitalisation and data-led decision-making are at the heart of maximising asset production and increasing returns for our clients. To support long-term growth, we continue to invest in our data platforms and seek new technology that will deliver additional value to our customers.”
RPM’s asset management division includes a portfolio of wind and solar projects, which are owned by BlackRock, John Laing Environmental Assets Group (JLEN) and Equitix.
RPM CEO Andrew Whalley said: “We are delighted to reach an 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.”