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E.on signs PPA for 892 MW of UK wind power with RWE

Wind farm in UK. Author: Mycatkins. License: Creative Commons. Attribution 2.0 Generic

November 13 (Renewables Now) - German energy group E.on SE (ETR:EOAN) has inked a 2.5-year agreement to buy power from 892 MW of onshore and offshore wind capacity it just recently transferred to RWE AG (ETR:RWE).

Specifically, E.on will purchase a total of 3 TWh of electricity per year from more than 20 wind farms around Great Britain that are now operated by RWE Renewables GmbH. The power purchase agreement (PPA) covers a proportion of the 630-MW London Array offshore wind farm.

The move supports E.on’s previously announced commitment to provide 100% renewable power to its UK customers on all tariffs and at no extra cost.

The plants tied to the contract were originally built by E.on, which spent some GBP 3.3 billion (USD 4.24bn/EUR 3.85bn) on renewable energy projects in the UK over the last decade, according to the announcement. E.on transferred the assets to RWE at the start of last month after they concluded a complex asset-swap transaction.

(GBP 1.0 = USD 1.284/EUR 1.165)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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