Freshfields Bruckhaus Deringer (‘Freshfields’) has advised SSE Renewables on the acquisition of the existing European renewable energy development platform of Siemens Gamesa Renewable Energy for a consideration of €580m, subject to customary adjustments.

The transaction marks SSE's entry into Southern Europe and brings a c.3.9GW portfolio of onshore wind development projects across Spain, France, Italy and Greece.

It builds a platform for SSE's growth in Europe where it aims to progress a balanced portfolio of assets across wind, solar, batteries and hydrogen technologies.

The transaction is likely to complete by the end of September 2022, subject to receipt of relevant foreign direct investment and regulatory approvals.

The Freshfields team is being led by corporate partners David Franco (Madrid) and Nick Jones (London) with support from finance partner Tim Pick (London) and people & reward partner Raquel Florez (Madrid).