The approximately €400m deal adds to RWE’s 22GW development pipeline
The deal has bolstered RWE’s overall pipeline portfolio in France to 1.9GW. (Credit: RWE)
RWE has completed the acquisition of Nordex’s European onshore wind and solar development platform for around €400m.
This acquisition consists of a development pipeline of a total of 2.7GW in Spain, Sweden, France and Poland.
The deal has bolstered RWE’s overall pipeline portfolio in France to 1.9GW.
According to RWE, 15% of the pipeline projects are near their final investment decisions (FID) or in their late development stages, while about 230MW have secured their Contracts for Difference (CfDs) or other feed-in tariffs.
The companies had agreed on the transaction in July this year.
More than 70 employees from Nordex, mostly from its France base, will join RWE Renewables.
RWE stated that this deal adds to its 22GW development pipeline.
RWE Renewables CEO Anja-Isabel Dotzenrath said: “We warmly welcome our new colleagues joining from Nordex. They have a strong track record in the development of renewables projects and many of them have worked together from the inception of the development pipeline.
“This significantly facilitates our market entry in France, a very attractive market for renewables in Europe, which aims to grow renewable energy considerably by 2030. The transaction supports our growth ambitions in France in the areas of offshore and onshore wind as well as large solar plants and battery storage.”