RWE plans to buy wind and solar projects from Nordex

Nordex

The wind turbine manufacturer plans to sell development activities in Europe to RWE for a good EUR 400 million.


(Photo: dpa)

Düsseldorf Is late last year RWE got back into the renewable energy business. Now the electricity producer has its sights set on the first major deal: RWE wants the European development business for onshore wind and solar energy from Nordex buy, as both companies confirmed on Friday evening. The purchase price is said to be 400 million euros.

Overall, it is about a development pipeline of 2.7 gigawatts. RWE would increase its project pipeline from the current 22 gigawatts by more than ten percent. This involves projects in France, Spain, Sweden and Poland. However, the focus is on France, where 1.9 gigawatts of the projects alone are planned.

According to RWE, the projects are in different development phases, but around 15 percent of the entire pipeline is about to make the final investment decision or is at an advanced stage of development.

The deal is not yet perfect. However, Nordex has made RWE an exclusive bidder, as the company confirmed. Exclusive discussions have been started with RWE, said Nordex.

With the development business, RWE would also take on a team of more than 70 employees. Most of them are located in France and will be integrated into the subsidiary RWE Renewables after the transaction in order to develop further projects there.

“France is one of the most attractive markets in Europe with ambitious expansion targets for renewable energies,” said Anja-Isabel Dotzenrath, CEO of RWE Renewables: “The transaction complements our growth ambitions in France in offshore wind, onshore wind, large solar systems and battery storage. “

In the fall of last year, RWE had made the exchange business with Eon perfect. Eon took over the RWE subsidiary Innogy, but only the sales and network divisions. RWE retained Innogy’s renewable energies and also those that Eon previously operated.

The electricity producer thus covers the entire range of electricity generation from nuclear and coal-fired power plants to gas plants and renewable energies. In the future, RWE plans to concentrate investments on renewable energies and become climate neutral by 2040. RWE plans to invest five billion euros in the area by 2020 alone.

More: Green turn: the exchange business with Eon changes the RWE balance sheet

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