RES, a UK-based independent renewable energy developer, has acquired Australia-based Blueshore, which offers commercial, technical, and financial asset management services for solar and wind energy assets.
The financial terms of the acquisition were not disclosed.
Blueshore also offers portfolio management services to investors in the Australian market. The company currently has 1.6 GW of assets under management in the country.
RES said the acquisition had doubled its asset management portfolio in Australia to more than 3 GW. According to the company, the acquisition would further expand its capabilities and allow it to diversify its presence in Australia’s asset management market.
“Both companies share a common culture and mission to provide value to our clients through the delivery of innovative products and services that go to the core of maximizing the value of operating assets,” said Grant Harris, RES’s director of asset management for the Asia Pacific.
“The transaction represents an exciting step both for Blueshore and for the Australian renewable industry, with the combined teams set to form a powerhouse of expertise in the management and optimization of Australian renewable energy assets,” said Blueshore founder Mike Rand.
RES supports more than 9 GW worth of operational wind, solar, and storage assets worldwide following the acquisition. In August 2021, RES announced plans to develop the Watta Wella renewable energy hub 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 ‘big battery’ with a 400 MW capacity.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, M&A activity in the solar sector soared with 126 transactions in 2021 compared to 62 in 2020. M&A deal count was the highest since 2010. Most of the transactions involved Solar Downstream companies.