- Ingeteam selling its Renewable Service division to UK headquartered RES Group
- With this divestment, it frees up resources to focus on power conversion technology business
- RES Group expands its client base and geographical footprint to 23 countries with the deal
Spanish renewable energy company and solar inverter manufacturer Ingeteam is selling its Renewable Service division to UK based RES Group whose operation and maintenance (O&M) services and asset management contracts will add up to around 35 GW on completion of the transaction.
Excluding Ingeteam assets, RES counts its current operational renewable energy asset portfolio as over 12 GW.
The sale and purchase agreement signed expands RES’ geographical footprint to 23 nations along with a wide client base comprising traditional utilities, independent power producers (IPP) and infrastructure investors, among others.
The British company says its total assets under management, with the Ingeteam deal, will be worth £30 billion, making it the world’s ‘largest’ renewable energy support services provider. The deal also includes Ingeteam’s proprietary digital solutions.
“RES will provide support services across solar, wind, BESS, biomass, green hydrogen, and hydropower, delivering mission-critical solutions for clients across a wide range of sectors, segments, and geographies,” it stated.
With this business division out of its portfolio, Ingeteam said it plans to invest further into its core business of power conversion technology. Financial terms of the deal were not disclosed, but Ingeteam said the RES proposal was ‘solid’.