From the overall pipeline, about 1.9GW is present in France in various project phases
Wind turbine-maker Nordex has selected German utility RWE for the potential sale of its 2.7GW European renewables portfolio for a consideration of €402.5m.
The sale includes a pipeline of of European onshore wind and solar development platform across France, Spain, Sweden and Poland. From the overall pipeline, about 1.9GW is present in France in various project phases.
A 15% of the total pipeline is close to final investment decisions (FID) or in advanced stages of development, while a 230MW of its has already secured Contracts for Difference (CfDs) or similar feed-in tariffs.
In this regard, Nordex and RWE have signed a put option agreement on the potential sale.
The turbine-maker will begin consultation process with staff council in France, which needs to be completed before it takes a decision to exercise the put option and the final agreements become binding for the parties.
The deal’s closure is conditional to the receipt of foreign investment clearance in France and completion of customary spin-off processes. The deal is expected to be closed in the fourth quarter of this year.
The acquisition to add to RWE’s existing development pipeline of about 22GW
RWE chief financial officer Markus Krebber said: “The planned acquisition of this leading European renewables developer will strengthen our position in France, one of our target markets. It represents a unique growth opportunity for RWE due to its large and attractive existing project pipeline and strong development platform.
“Thus, we underline our ambition to grow in our role as one of the globally leading companies in the renewables sector.”
The acquisition also includes a team with over 70 employees with vast experience in the sector. After the deal’s closure, the employees will join RWE Renewables and will develop further projects.
The deal will add to RWE’s existing development pipeline of about 22GW.