RES, the world’s largest independent renewable energy company, has announced its acquisition of Ingeteam’s Renewable Service division. Upon completion, RES will manage assets worth £30 billion (€35 billion), solidifying its position as the largest renewable energy support services provider globally.
The acquisition will result in significant synergies for RES, enabling the company to offer approximately 35 GW of Operations and Maintenance (O&M) services and Asset Management contracts worldwide. RES will cater to traditional utilities, Independent Power Producers, and infrastructure investors, serving a rapidly expanding market with predicted growth of 9% over the next five years.
The company will provide support services across various renewable energy sectors, including solar, wind, BESS (Battery Energy Storage Systems), biomass, green hydrogen, and hydropower. This will facilitate the delivery of crucial solutions to clients across different sectors, segments, and geographies.
With RES’ leading position in the industry, the deployment of renewable projects is expected to accelerate, reducing costs for customers and supporting global Net Zero ambitions of nations and corporations. The company’s commitment to speed, depth of service, and economies of scale will enhance inventory management and drive innovation in the renewable energy sector.
Through the integration of Ingeteam’s digital solutions, RES will further enhance its technological services, incorporating cutting-edge AI and machine learning capabilities to optimise customers’ renewable assets.
For Ingeteam, the divestment of its Renewable Services division aligns with its broader strategy to prioritise the development of power conversion technology. This is an important milestone for the company, which will enable it to consolidate its aim to be a key player in the electrification of society and to commit to the sustainable growth of the organisation. Ingeteam will also boost spending on R&D and explore opportunities for organic growth.
Eduardo Medina, RES CEO, said: “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.”
Adolfo Rebollo, Ingeteam CEO, said: “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. 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.”
The market for support services is expanding rapidly as renewable energy companies scale up operations in line with customers’ Net Zero ambitions. With this acquisition, RES is well positioned to capitalise on this growth.