Nordex to sell wind and solar project pipeline to RWE for $474 million
Category: #energy-and-environment  By Pranali Mehta  Date: 2020-08-05
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Nordex to sell wind and solar project pipeline to RWE for $474 million

The Nordex Group, one of the world's largest wind turbine manufacturers, has reportedly agreed to sell most of its European onshore wind and solar project development pipeline to German-based RWE AG for USD 474 million (EUR 402.5 million).

Sources cite that 2.7 gigawatts of solar and wind projects are located in Spain, France, Poland, and Sweden. The company’s main focus is to sell wind energy projects located in France, which consists of a 1.8 GW renewable portfolio.

The portfolio in France also consists of a pipeline of around 0.1 GW of solar PV projects. The deal is anticipated to close in the last quarter of this year.

RWE said in the statement that the acquisition will strengthen the company’s leading position in France. The acquisition adds to RWE’s current 22 GW renewable development pipeline.

Speaking on which, José Luis Blanco, CEO of Nordex said in the statement that the top-notch quality of underlying assets and the company’s continuous development track record have resulted in a strong interest in its project development pipeline from several market players crystallizing an exceptional outcome for the company.

Mr. Blanco added substantial proceeds generated from this transaction would strengthen Nordex’s balance sheet as the company continue to develop on its strong order book and tap lucrative market opportunities with its product portfolio.

Anja-Isabel Dotzenrath, CEO at RWE Renewables said that the transition is in line with the company’s growth ambitions in France in fields of onshore, offshore wind as well as large solar energy plants and battery storage.

Nordex has been developing its own portfolio of wind energy projects. These projects are then sold to investors or customers. The company said in the statement that it has already sold parts of its renewable project development portfolio in the previous years under lucrative market conditions.

Source Credit - https://finance.yahoo.com/news/nordex-sell-wind-solar-projects-110938219.html

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About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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