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RWE to strengthen its European renewables business with acquisition of 2.7 GW project pipeline

Essen, 31 July 2020

  • Nordex has selected RWE as exclusive bidder for the acquisition of its European onshore wind and solar development business / Purchase price of about €400 million
  • Strategic enhancement adds to RWE’s existing 22 GW development pipeline
  • Expansion of position in attractive French onshore wind market

 

Markus Krebber, CFO of RWE AG: ”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.”

RWE wants to acquire the European onshore wind and solar development platform from Nordex SE with a total pipeline of 2.7 Gigawatt (GW) in France, Spain, Sweden and Poland. The developer has a strong focus in France, with an overall pipeline of 1.9 GW in various project phases. 15% of the whole pipeline is close to final investment decisions (FID) or in advanced development stages; 230 megawatt have secured Contracts for Difference (CfDs) or similar feed-in tariffs. The purchase price will be around €400 million.

The development platform comes with a team of more than 70 employees with vast experience in the sector. Upon completion of the transaction, the employees will join RWE Renewables, where the mostly France based team will develop further projects. The planned acquisition represents a strategic pipeline enhancement for RWE and adds to its existing 22 GW development pipeline. 

Anja-Isabel Dotzenrath, CEO of RWE Renewables, underlines: “France is one of the most attractive markets in Europe and characterised by ambitious renewable energy targets. We are looking forward to working together with the experienced team which comes with a strong track record in the development of renewables projects. 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.”

Before execution of the transaction the usual French employee consultation process will be followed. Furthermore, the transaction is subject to a foreign investment approval in France.