UK-based multinational renewable energy company RES Group has acquired the service division of Spain’s Ingeteam, in a move that gives RES approximately 35 GW of O&M service and asset management contracts, valued at about $58.5 billion (€35 billion).
RES plans to integrate Ingeteam’s proprietary digital solutions into its existing technological services, covering solar, wind, energy storage, biomass, green hydrogen, and hydroelectric power sectors.
Upon completion of the purchase and sale agreement, RES will become the world’s largest provider of operation, maintenance, and support services for renewable energy, according to Ingeteam. However, it did not disclose the specific financial terms of the deal.
“The decision to divest our Service division allows Ingeteam to continue promoting the development of energy conversion systems,” Ingeteam Chief Executive Officer Adolfo Rebollo said.
The acquisition requires regulatory approval in the relevant jurisdictions. The transaction will help RES to expand its operations to 23 countries, with about 4,000 employees.
The International Renewable Energy Agency (IRENA) projects that the O&M services market will hit 2,400 GW by 2030, with solar energy accounting for 51% of the total.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.