Asset management firm WPO has acquired a 500MW renewable energy portfolio from Kaiserwetter Energy to expand its European platform.

Along with German and Danish operations, WPO has also acquired the 100% share capital of Kaiserwetter’s Spanish subsidiary Kaiserwetter Energy Asset Management.

The acquisition expands WPO’s existing 5GW portfolio of serviced wind and solar assets and increases its staff count to 100.

Kaiserwetter Energy Asset Management is a provider of renewable asset management and advisory services, engaged in development of IntelliTech, IoT and digital management solutions for renewable assets.

Kaiserwetter Spain managing director Jorge Cunha Bober said: “We look forward to the addition of WPO’s capacities and clients to ours.

“We are convinced that this operation will generate substantial synergies and value for all in a market that has become very attractive again for Iberian and international investors.

“The result is a permanent association that also reinforces our technical capabilities and our reach to the institutional market.”

WPO currently services 485MW of wind assets across Germany and has forayed into the Spanish market in 2020 with a full technical and commercial management contract for 65MWp solar assets in Spain.

The acquisition is expected to add significant solar capacity to the WPO’s existing operations, including recently launched hydro and energy storage services.

Also, the deal would increase corporate and local clients for the company and strengthens its capacity to bring more added value to a subsidy-free renewables sector within the framework of the European Green Deal.

Financial completion of the transaction is expected to take place by the end of February 2021.

WPO CEO Barthélémy Rouer said: “The development of WPO over the last twelve years is a source of collective pride and our will to accelerate the Energy Transition is more relevant than ever. This is another key milestone in the successful growth of WPO and we are delighted to welcome the Kaiserwetter team on board.

“The merger of our operations brings our business to the heart of two major European markets, Germany and Spain and the uninterrupted continuance of quality services to our clients in these markets will be our first priority.”