UK-based company SSE Renewables has reached an agreement with Siemens Gamesa Renewable Energy (SGRE) to acquire its European renewable energy development platform for $627m (€580m).

As part of the deal, SSE Renewables will acquire SGRE’s 3.9GW onshore wind portfolio in Spain, France, Greece and Italy.

The portfolio also has a scope for up to 1GW of additional co-located solar development opportunities.

SSE Renewables managing director Stephen Wheeler said: “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.

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“The project portfolio brings some excellent assets and will provide a real springboard for our expansion plans in Europe across wind, solar, batteries and hydrogen.”

With this deal, SSE Renewables will foray into Southern Europe’s renewable energy market.

The UK-based firm also intends to retain 40 staff members of the acquired business.

SSE Renewables has already established its presence in the UK and Irish markets, where it has 4GW of renewable assets, which includes around 2GW of onshore wind capacity.

It also has nearly 11GW across onshore wind, offshore wind and hydro projects in the pipeline.

Most of the projects in the SGRE portfolio are currently in the initial development phase, and SSE Renewables intends to bring online around 500MW of renewable projects in SGRE’s portfolio by March 2026.

It also aims at pushing at least 500MW into the construction phase.

Completion of the deal is expected in September 2022, subject to regulatory approvals and receipt of relevant foreign direct investment.

Last September, SSE Renewables decided to combine its two proposed offshore wind farms in Scotland.