RWE sells stakes in two British wind power parks

Nov 12, 2013 - RWE Innogy, the renewable energy unit of German utility RWE AG (ETR:RWE), said on Monday it has sold minority stakes in two onshore wind farms in England to renewable energy fund Greencoat UK Wind Plc (LON:UKW) raising GBP 70.6 million (EUR 84.2m/USD 112.8m).

The Middlemoor wind farm, located in the Northumberland district, North East England, has a capacity of 54 MW and was completed in the summer of 2013. The Lindhurst wind farm in Nottinghamshire county, in the East Midlands, has a capacity of 9 MW and has been generating electricity since September 2010.

RWE Innogy sold a 49% stake in each farm, remaining the main owner and operator of the farms.

The proceeds from the deal will be used for investments in other renewable energy projects, RWE Innogy said. The company currently has 10 GW of green power projects in the pipeline across Europe, RWE Innogy's CEO, Hans Buenting, said.

Following the acquisition, Greencoat UK Wind expanded its portfolio to ten wind farms in the UK, totalling 184 MW. The fund has previously acquired minority stakes in another two wind farms from RWE Innogy, the offshore Rhyl Flats and the onshore Little Cheyne Court wind power plants.

(GBP 1.0 = EUR 1.193/USD 1.597)

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