Nordex, RWE agree on a sale of 2.7 GW European wind and solar portfolio
The Nordex Group has agreed on the sale of its European project development pipeline to the German energy supplier RWE.
In total, the planned transaction includes a project pipeline with a volume of 2.7 GW. With around 1.8 GW, the focus is on wind energy projects of various stages of maturity in France. The portfolio in France also includes a pipeline of 0.1 GW of solar PV projects. The Nordex Group and RWE have signed the respective put option agreement. The purchase price is approximately EUR402.5 million or US$473.6 million.
Prior to the execution of the transaction, a customary consultation process with the staff council in France is to be conducted. Closing of the transaction would further require foreign investment clearances of the competent authorities in France and the completion of customary spin-off processes, as required for the transaction. It is expected that closing could occur in Q4 2020.
Rothschild & Co acted as an exclusive financial adviser to Nordex.
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