Southern European portfolio acquisition to be a ‘springboard’ for SSE’s solar, storage activities

Southern European portfolio acquisition to be a 'springboard' for SSE's solar, storage activities

Published: 20 Apr 2022, 13:17

SSE Renewables is looking to create a European portfolio of solar, wind, battery storage and hydrogen. Image: SSE

SSE Renewables has acquired a portfolio of onshore wind development projects that includes scope for 1GW of additional co-located solar development opportunities.

SSE Renewables said the acquisition of this c.39MW portfolio – spread across Spain, France, Italy and Greece – builds a platform for its growth in Europe, where the company aims to progress a balanced portfolio of assets across wind, solar, battery storage and hydrogen projects.

The acquisition of the portfolio from Siemens Gamesa Renewable Energy (SGRE) for a consideration of €580 million (£481 million) marks the UK energy firm’s expansion into southern Europe.

SSE Renewables – which currently owns and operates 4GW of renewable assets in the UK and Ireland –  is aiming to have around 500MW of renewable projects from the SGRE portfolio operational by March 2026, with a further at least 500MW in construction.

“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,” said Stephen Wheeler, managing director of SSE Renewables.

In January, SSE acquired its first solar farm, taking on the development rights for a 30MW asset from Stark Energy. This – alongside today’s expansion into southern Europe – forms part of the company’s Net Zero Acceleration Programme. 

This includes a £12.5 billion investment plan, as well as targets doubling installed renewables capacity to 8GW (net) by 2026 and maintaining a pipeline of at least 13GW of renewables development projects.

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