RES closes acquisition of Ingeteam’s renewables 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.

London, 5 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 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 and machine learning and AI tools 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 support services across the full range of renewable energy technologies.”

Matt Rebbeck, CEO of RES in Australia, said: “We are thrilled to announce RES’ strategic acquisition of Ingeteam Services, a move that marks a significant milestone in our commitment to providing comprehensive solutions in the renewable energy sector. With the integration of Ingeteam’s Operations and Maintenance (O&M) services into our portfolio, RES is now poised to offer our clients a complete suite of services, ensuring the seamless operation and maintenance of their renewable energy assets.

“This acquisition not only strengthens our position as a key player in the Australian market but also propels RES to the forefront globally, making us the largest services supplier in the renewable energy sector. As we continue to drive innovation and sustainability, this development reinforces our dedication to delivering unparalleled value and excellence to our clients while contributing to the growth and advancement of the renewable energy market in Australia and beyond.”

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

As the world pivots towards net zero, the renewables industry has an increasingly critical role in achieving national and corporate targets. Global renewable capacity has increased by 50% in 2023^[1] and is expected to grow 8% annually. During COP in December 2023, 118 countries agreed to triple renewable energy capacity by 2030. Delivering and servicing this kind of capacity underscores the requirement for experienced independent renewables operators.

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.

[1] IEA: https://www.iea.org/news/massive-expansion-of-renewable-power-opens-door-to-achieving-global-tripling-goal-set-at-cop28

ENDS

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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