This week (1 August) RES has announced the signing of a Sale and Purchase Agreement (SPA) with Ingeteam to acquire its Renewable Service division.
Once completed, RES is set to have £30 billion of assets under management, which, according to the company, will make it the largest renewable energy support services provider in the world.
The SPA will also see RES acquire roughly 35GW of operations and maintenance (O&M) services and Asset management contracts globally, which will provide for independent power producers (IPPs), traditional utilities segment and infrastructure investors.
RES will provide support specifically across wind, solar, battery energy storage systems (BESS), green hydrogen, hydropower and biomass.
“Our decision to divest our O&M Renewable Service division enables Ingeteam to further focus and invest on our core business area of developing Power Conversion Technology, in line with our corporate strategy,” said Adolfo Rebollo, CEO at Ingeteam.
“The solid proposal we received from RES aligned with our vision for the business and values. We will continue supporting our clients towards the electrification of a sustainable future using our technology, including power electronics, control electronics and rotating machines.”
RES will now employ 4,000 people and operate across 23 countries, whilst retaining its headquarters in the UK.
RES’ CEO, Eduardo Medina added: “We have reached a critical moment for the energy transition. We need innovative solutions to accelerate the pace and scale of renewables build out and servicing.
“RES will play a key role in driving meaningful progress towards global Net Zero targets by unlocking significant synergies, while building on RES’ existing track-record and expertise across the whole spectrum of renewable technologies. Ingeteam’s services naturally complement RES’ operations and will allow RES to bring meaningful benefits to corporates and governments, and society as a whole.”
The SPA shows RES continuing to grow its portfolio both in the UK and internationally. Early this year (April 2023), the company partnered with Octopus Energy Generation to utilise green hydrogen at two Kimberly-Clark manufacturing facilities.
