SSE is making a €580m (£480m) move into Southern Europe with the acquisition of a portfolio of onshore wind development projects from Siemens Gamesa Renewables Europe (SGRE).
The Perth-based energy giant said the portfolio includes excellent assets and will provide a springboard for its expansion plans in Europe.
The portfolio includes developments in Spain, France, Italy and Greece.
SSE expects to be able to draw on the expertise it has acquired as a leading player in the UK renewable energy market to maximise the potential of the assets concerned.
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The company underlined the appeal of investing in the countries covered by the portfolio. It said the markets in all four countries have strong growth prospects, underpinned by 2030 renewables or carbon reduction targets and attractive remuneration schemes.
Windfarm operators can benefit from subsidy support under the Contracts for Difference programme in the UK.
The acquisition of the portfolio from SGRE, which has headquarters in Spain, is expected to help SSE meet its target to double its installed renewable energy generating capacity to eight gigawatts (GW) by 2026.The company said it aims to have around 1GW of renewable projects from the portfolio operational or in construction by March 2026. It reckons the acquisition of the portfolio is likely to complete by the end of September 2022.
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SSE said it is building more offshore wind capacity than any other company in the world. It is leading the development of the giant Dogger Bank and Seagreen windfarms off the UK . The company recently entered the Japanese offshore wind market and is eyeing opportunities in the US and Northern Europe.
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