RES closes acquisition of Ingeteam’s renewable service division to create world’s largest independent renewable services provider

• Deal expands RES’ capabilities, creating the largest technology agnostic independent renewable energy services provider in the world.
• RES to have £35bn of assets under management through over 40 GW of global O&M and asset management contracts.
• Reinforces RES’ commitment to accelerating the energy transition and responds to growth in its target utilities and infrastructure markets.
• Ingeteam will further focus on developing power conversion technology, supporting its clients and electrifying a sustainable future.

London, [4] March 2024 – RES, the world’s largest independent renewable energy company, has completed the acquisition of Ingeteam’s renewable service division. The deal expands RES’ operations to 24 markets and makes it the largest independent renewable energy services provider in the world. RES serves over 40GW of operations and maintenance (O&M) and Asset Management contracts globally, underscoring its commitment to enabling a zero carbon energy future.

The deal adds to RES’ distinctive breadth of services to the solar, wind, BESS, biomass, hydro, and hydrogen industries and expands its global reach into 10 new markets with the addition of Brazil, Mexico and Spain. RES will couple its new scale with continued investment in its innovative technology-enabled ecosystems, data, analytics, machine learning and AI to further improve both maintenance and asset efficiency. The deal creates a new leader in speed, delivery and depth of renewables services, whilst driving down costs through scale advantages and inventory management.

RES CEO, Eduardo Medina said: “This deal secures RES’ status as a global powerhouse in enabling delivery of renewable energy solutions. The combination of Ingeteam’s and RES’ technological expertise and international reach will allow us to provide the full range of renewables services required as our core utilities and infrastructure markets continue to expand in pursuit of net zero targets. We expect that growth to accelerate and are very well positioned to provide services across the full range of renewable energy technologies.”

The deal marks the launch of RES’ global services business, which will be led by newly appointed CEO Juan Gutiérrez, from May 2024. 

Ingeteam CEO, Adolfo Rebollo, 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 is 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.”

RES is uniquely positioned to meet this challenge with over 40 years of experience in delivering and servicing complex projects. Now, in conjunction with Ingeteam’s service division RES is strongly positioned to unlock additional potential for technology driven solutions.  Alongside its service provision, RES remains committed to playing its part in increasing the pace of renewable energy deployment and plans to bring 22GW of new capacity online in the next five years from its pipeline, in addition to the 24GW it has delivered to date.

ENDS

Press Release – Spain

Press Release – Mexico

Press Release – Brazil

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About RES

RES is the world’s largest independent renewable energy company, working across 24 countries and active in wind, solar, energy storage, biomass, hydro, green hydrogen, transmission, and distribution.  An industry innovator for over 40 years, RES has delivered more than 24 GW of renewable energy projects across the globe and plans to bring more than 22 GW of new capacity online in the next five years.  As a service provider, RES has the skills and experience in asset management, operations and maintenance (O&M), and spare parts – supporting 41GW of renewable assets across 1,300 sites.  RES brings to the market a range of purposeful, practical technology-based products and digital solutions designed to maximise investment and deployment of renewable energy.  RES is the power behind a clean energy future where everyone has access to affordable zero carbon energy bringing together global experience, passion, and the innovation of its 4,500 people to transform the way energy is generated, stored and supplied. Visit: www.res-group.com