Renewables developer RES has doubled its renewable energy asset management portfolio in Australia to more than 3GW with the acquisition of Blueshore.
With a 1.6GW portfolio, Sydney-based Blueshore provides commercial, technical and financial asset management services for solar and wind energy projects.
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UK-based RES said the deal will provide the company with new customer relationships while helping it to diversify its presence in Australia’s asset management market.
“This acquisition is in line with our strategy that includes entering into new segments and new markets,” said Marco Perona, who was recently appointed to the role of RES’ CEO Support Services.
Including Blueshore’s portfolio, RES now supports more than 9GW of operational wind, solar and storage assets globally.
RES recently completed the sale of its development and construction business in France to Hanwha Solutions, the parent company of module manufacturer Q CELLS.
Other solar M&A deals in Australia in recent months include Iberdrola acquiring engineering, procurement and construction provider Autonomous Energy, while pension investor OMERS Infrastructure has bought a 49% interest in the Australian renewable energy platform of solar developer Fotowatio Renewable Ventures.