RWE acquires 1.4 GW Gas-fired power plant in Netherlands

RWE has signed a transaction agreement with Swedish utility Vattenfall AB to acquire a 1.41 GW Magnum gas-fired power plant project located at Eemshaven in the province of Groningen, the Netherlands. 

The Magnum plant, which has been in operation since 2013, is situated close to RWE's existing power plant at Eemshaven, which has a capacity of 1.56 GW and is powered by hard coal and biomass. Therefore, RWE expects a wide range of benefits from sharing local infrastructure.

The acquisition is expected to be completed by the end of September 2022. The agreed purchase price equates to a EUR 500 million (US$537.54 million) enterprise value. The transaction agreement also includes a solar plant with a capacity of 5.6 MW located on the site. RWE will take over Magnum’s entire workforce from Vattenfall. The transaction is amongst others subject to the advice of Vattenfall’s works council.