SSEZY SSE PLC (PK)

By Jaime Llinares Taboada

SSE PLC said Tuesday that it is acquiring a portfolio of renewable-energy projects in Spain, France, Italy and Greece from Spain-based engineering group Siemens Gamesa Renewable Energy SA for 580 million euros ($625.7 million).

The U.K. energy group said the deal includes 3.9 gigawatts of onshore wind projects, around half of which is in Spain, with scope for up to 1 gigawatt of co-located solar development opportunities.

This acquisition marks SSE's entry into Southern Europe. The Perth-based company's renewable projects have so far been only in the U.K. and Ireland.

"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," Stephen Wheeler, managing director of SSE Renewables, said.

SSE said it aims to have around 500 megawatts from the SGRE portfolio operational by March 2026, with a further at least 500 megawatts in construction.

The deal is expected to be completed by the end of September 2022, the company said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

April 20, 2022 01:53 ET (05:53 GMT)

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