A month after closing its renewables-themed asset-swap with rival E.on SE, German energy major RWE AG (ETR:RWE) has agreed on the purchase of a 2.7-GW onshore wind and solar project development pipeline from Nordex SE (ETR:NDX1).
The wind turbine maker, which develops its own projects for sale to customers or investors, has selected RWE as the exclusive bidder for the acquisition of a project development platform with 1.9 GW of schemes in France and more assets in Spain, Sweden and Poland. The agreed purchase price is EUR 402.5 million (USD 473m).
RWE noted that about 15% of the entire pipeline is close to final investment decisions (FID) or in advanced development stages, while some 230 MW have contracts for difference (CfDs) or similar feed-in tariffs (FiTs) in place.
“The transaction leverages our growth ambitions in France in the fields of offshore and onshore wind as well as large solar plants and battery storage,” commented Anja-Isabel Dotzenrath, CEO of RWE Renewables.
The transaction concerns a team of over 70 employees, whose transfer to RWE Renewables is subject to a customary consultation process. Nordex said that the sale of the pipeline is also pending certain foreign investment clearances in France and that completion is scheduled for the final quarter of the year.
Rothschild & Co served as an exclusive financial adviser to Nordex.
(EUR 1.0 = USD 1.176)
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