British renewable energy company Renewable Energy Systems (RES) has announcement the acquisition of Australian asset management company Blueshore for an undisclosed amount.
The acquisition doubled RES’ asset management portfolio in Australia to over 3 GW.
Founded in 2017, Blueshore offers commercial, technical and financial asset management services for solar and wind assets.
The company also offers portfolio management services to investors in the Australian market. It currently has 1.6 GW of capacity under management in the country.
Blueshore Founder Mike Rand said: “The transaction represents an exciting milestone for both Blueshore and the Australian renewable energy industry, with the combined teams poised to form a powerhouse of expertise in the management and optimization of Australian renewable energy assets.”
The deal aims to further expand RES’ capabilities and allow the company to diversify its presence in the Australian asset management market.
Blueshore’s team will complement RES’ helpdesk activities in the country.
Following the acquisition, RES supports over 9 GW of operational wind, solar and storage assets worldwide.
Marco Perona, CEO of RES Support Services, said: “This acquisition is in line with our strategy which includes entering new segments and new markets.
“RES now supports over 9 GW of operational assets and is one of the few companies able to provide a wide range of services on a broad international basis, adding value to our customers, thanks to the deep technical expertise and internal operational.
“In the coming months, we plan to continue to grow our Support Services business in line with the company’s strategy, both organically and through external growth.”
In August last year, RES announced plans to develop the Watta Wella renewable energy center near Stawell in Victoria.
Initial plans for the battery storage facility included a 315 MW wind farm, a 62.5 MW solar farm and a 400 MW/1,200 MWh capacity “big battery”.