March 28 (Renewables Now) - British renewable energy company RES announced on Wednesday it has expanded its support services portfolio to 5 GW by purchasing the asset management business of compatriot REG Power Management (RPM).
The asset management division of RPM’s portfolio includes 43 operational wind and solar parks owned by BlackRock Inc (NYSE:BLK), John Laing Environmental Assets Group (JLEN) and Equitix, details about which were not provided.
“Through this deal we have acquired a very strong team who will complement RES capabilities from day one," said Ivor Catto, CEO of RES. He also added that the acquisition enhances RES’ asset management, operation and maintenance services across its 10 markets of operation globally while stressing on the fact that clients want long-term returns from the production of their solar and wind assets.
According to Andrew Whalley, RPM’s CEO, the transaction will provide continuity to its clients and personnel and will enable the company to focus on its wind and solar development business in the UK.