RES announced it is acquiring the renewable service division of Ingeteam, a company that specializes in energy conversion.
The deal will leave RES with $38.3 billion of assets under management, making it the largest renewable energy support services provider in the world, the company said. Upon completion of the deal, it will employ 4,000 people and operate in 23 countries. It will remain headquartered in the United Kingdom.
The acquisition comes as the traditional utilities and infrastructure market is expected to grow 9% in the next five years. RES will offer support services for solar, wind, BESS, biomass, green hydrogen, and hydropower. The company also sees future growth in support services, with the market set to reach approximately 2,400 gigawatts by 2030, 51% of which will be from solar power, according to a McKinsey report.
RES will integrate Ingeteam’s proprietary digital solutions into its existing technology services after the acquisition, enhancing the company’s digital offer and building on its AI and machine learning capabilities.
Ingeteam noted that offloading its renewable service business aligns with its broader strategy to prioritize the development of power conversion technologies.
“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,” Eduardo Medina, RES CEO, said in a statement. “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.”
Ingeteam also stated that it will boost spending on R&D following the acquisition and explore other opportunities for organic growth. Following the deal, the company will offer a “more specialized set of solutions to its customers.”
“Our decision to divest our O&M Renewable Services division enables Ingeteam to further focus and invest on our core business area of developing Power Conversion Technology, in line with our corporate strategy,” Ingeteam CEO Adolfo Rebollo said in a statement. “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.”
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- Source: https://www.environmentalleader.com/2023/08/res-to-acquire-renewable-service-business/
