RWE to sell 49% stake in Humber Gateway wind farm

RWE continues its strategy of selling stakes in its offshore wind assets to fund investments in further renewable energy development

RWE's 219MW Humber Gateway project was commissioned in 2015

RWE has agreed to sell a 49% stake in the UK’s 219MW Humber Gateway offshore wind farm to investment manager Greencoat for a cash consideration of £648 million (€725 million).

The move is consistent with the energy company’s strategy to rotate capital and reinvest it in further renewable energy development. Approval of the transaction from RWE’s board is expected in mid-December.

Greencoat is already a partner in other RWE projects in the UK, including the Rhyl Flats offshore wind farm and onshore wind farms Little Cheyne Court, Lindhurst and Middlemoor.

The 219MW Humber Gateway project, which is located in the English North Sea, off the Yorkshire coast, has been online since 2015. It will continue to be operated by RWE, which acquired it from E.on last year.

The UK plays a key role in RWE’s growth strategy in renewable energy, the company said in a statement. RWE has an existing portfolio of nine offshore wind farms in UK waters and is currently developing the Triton Knoll and Sofia projects. It also plans to extend four of its existing offshore wind farms.

By the end of 2022, RWE aims to expand its renewables portfolio to more than 13GW capacity by investing €5 billion net. RWE claims to have a global project development pipeline of more than 22GW.