RWE has completed its acquisition of a 2.7GW pipeline of European onshore wind and solar PV projects from Nordex.
The portfolio consists of 1.8GW of French wind farms and 100MW of French solar PV capacity, as well as wind farms in Spain, Sweden and Poland. It also includes Nordex’s European project development team.
Following the deal, RWE’s development pipeline in France is now 1.9GW, while its total development pipeline is more than 24GW.
Some 15% of the newly acquired projects are close to final investment decisions (FID) or in late development stages, with around 230MW of projects that have secured contracts for difference (CfDs) or other feed-in tariffs.
The €400 million deal was agreed at the end of July.
More than 70 employees from Nordex based mostly in France, will join RWE Renewables and will help to develop its 24GW-plus pipeline.
Anja-Isabel Dotzenrath, CEO of RWE Renewables, said: “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.”
Back in August Nordex said the deal would create value for its European development pipeline, with plans to continue developing wind power capacity, focusing on non-European markets, but with potential to return to project development in Europe later.
Markus Krebber, CFO of RWE AG added: "The successful closing of our transaction with Nordex gives us a 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."