UK-based renewable energy company Renewable Energy Systems (RES) has announced the acquisition of Australian asset management business Blueshore for an undisclosed sum.
The acquisition has doubled RES’ asset management portfolio in Australia to more than 3GW.
Established in 2017, Blueshore offers commercial, technical and financial asset management services for solar and wind energy assets.
The company also offers portfolio management services to investors in the Australian market. It currently has 1.6GW of capacity under management in the country.
Blueshore founder Mike Rand said: “The transaction represents an exciting step both for Blueshore and for the Australian renewable industry, with the combined teams set to form a powerhouse of expertise in the management and optimisation of Australian renewable energy assets.”
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The deal is intended to further expand RES’ capabilities and allow the company to diversify its presence in Australia’s asset management market.
The Blueshore team will complement RES’ Support Services business in the country.
Following the acquisition, RES supports more than 9GW worth of operational wind, solar and storage assets worldwide.
RES Support Services CEO Marco Perona said: “This acquisition is in line with our strategy that includes entering into new segments and new markets.
“RES now supports more than 9GW of operational assets and is one of the few companies able to provide a wide array of services on a large international basis, adding value to our customers, thanks to the deep in-house technical and operational expertise.
“In the future months, we plan to continue to grow our Support Services business in line with the company strategy, both organically and by external growth.”
In August last year, RES announced plans to develop the Watta Wella renewable energy hub near Stawell in Victoria.
Initial plans for the battery storage facility included a 315MW wind farm, a 62.5MW solar farm and a ‘big battery’ with 400MW/1200MWh of capacity.
