(RTTNews) – German utility RWE AG (RWEOY.PK) Monday said it has signed an agreement with Greencoat, a UK-based investment manager, to sell a 49% stake in the UK offshore wind farm Humber Gateway. The total cash consideration payable at completion of the deal is 648 million pounds.
Closing of the transaction is subject to the approval of the Supervisory Board of RWE AG and is expected by mid-December 2020.
Following the deal, RWE will remain operator of the 219 megawatts offshore wind farm with a 51% share in the project. Humber Gateway, which has an installed capacity of 219 megawatts, was commissioned in 2015.
The disposal is part of RWE’s capital rotation program and the proceeds will be used to finance further growth in the renewable energy business.
Greencoat, whose funds invest in operating UK wind farms and other renewable projects, is already a strong partner in other RWE UK projects, namely in the offshore wind farm Rhyl Flats as well as in the onshore wind farms Little Cheyne Court, Lindhurst and Middlemoor.
By the end of 2022, RWE aims to expand its renewables portfolio to more than 13 gigawatts capacity by investing 5 billion euros net. Together with partners, the gross investment volume can amount to up to 9 billion euros.
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