RWE Renewables and Nordex SE have successfully completed the process of acquisition of Nordex’ European onshore wind and solar development platform by RWE.
This includes a total of 2.7 gigawatts (GW) of development pipelines in France , Spain, Sweden and Poland. RWE is strengthening its development platform in France with the purchase, with an overall pipeline of 1.9 GW in different phases of the project.
Fifteen percent of pipeline projects are in close proximity to final investment decisions (FID) or late construction phases; approximately 230 megawatts of Contracts for Difference (CfDs) or other feed-in tariffs have been secured.
At the end of July, the two firms settled on the sale. The purchase price amounted to about €400 million.
With more than 70 Nordex employees joining the company, mostly based in France, RWE Renewables now has a strong development base in France. Further ventures and work on the implementation of the RWE project pipeline will be built at RWE Renewables: the purchase is a strategic pipeline expansion for RWE and adds to its current 22 GW production pipeline.
“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.”Anja-Isabel Dotzenrath, CEO of RWE Renewables.
“The successful closing of our transaction with Nordex gives us strong market presence in France, one of our target markets. Right from the start, we are well positioned with an experienced development team and an attractive project pipeline. This underlines our ambition to further strengthen our position among the world’s leading renewables companies.”Markus Krebber, CFO of RWE.