Market leader increases global support services portfolio to 5GW
Global renewable energy company RES has acquired REG Power Management's (RPM) asset management business and with it contracts to manage a portfolio of 43 operational wind and solar projects, increasing its renewable energy support services portfolio to 5GW.
The move cements RES' position at the front of the rapidly expanding global renewable energy support services market and aligns with its ambition to lead in this market.
The asset management division of RPM's portfolio includes wind and solar projects owned by BlackRock Inc, John Laing Environmental Assets Group (JLEN) and Equitix.
Ivor Catto, RES CEO, commented: "Clients want to maximise production of clean electricity from their wind and solar assets and see long term, healthy returns across their portfolios. At RES we work with leading global renewable energy investors, enhancing asset performance and improving the financial outcomes for our clients.
"RES is leading the support service market growth as we expand our asset management, operation and maintenance services across all ten of our markets around the world. Through this deal we have acquired a very strong team who will complement RES capabilities from day one."
RES' approach to support services gives its customers greater visibility of yields and opportunities for enhancement. The data and knowledge that RES has built up over the last 35 years, across the value chain, is applied to each and every asset.
Ivor continued: "At RES, digitalisation and data-led decision making are at the heart of maximising asset production and increasing returns for our clients. To support long-term growth, we continue to invest in our data platforms and seek new technology that will deliver additional value to our customers."
RES has over 35 years of experience in the renewables sector and a recent independent study by DNV GL has demonstrated assets managed by RES perform 1% better than industry standard, enabling clients to achieve better performance and increased revenues.
Andrew Whalley, RPM Chief Executive Officer, commented: "We are delighted to reach agreement with RES to sell our asset management business, providing continuity for both our clients and staff. The sale will allow RPM to focus on its development business encompassing some 1GW of UK wind and solar projects, which can help meet the UK's urgent requirement for more low-cost renewable energy in the future."
RES is the world's largest independent renewable energy company active in onshore and offshore wind, solar, energy storage and transmission and distribution. At the forefront of the industry for over 35 years, RES has delivered more than 16 GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 5GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured over 1.3GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 2,000 people and is active in 10 countries. For more information, visit www.res-group.com.