• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Corporate News
  • Generation
  • Oil & Gas
  • Regulation
  • Renewable
    • Climate
    • Solar
    • Wind
  • Storage
  • Tech
  • T & D
Energy News Desk Logo

Energy News Desk

Energy News and Data

RWE Sells Algonquin Majority Stake in Four Texas Wind Farms

December 17, 2020 by NA Windpower

RWE, a global renewable energy company, has signed an agreement with a subsidiary of Algonquin Power & Utilities Corp. to sell a 51% stake in four RWE onshore wind facilities in Texas, accounting for a total pro-rata installed capacity of 439 MW. 

The total consideration corresponds to an enterprise value of around $600 million (for the 51% stake), which translates to an implied enterprise value multiple of $1.4 million/MW. Two projects are in operation and two are under construction. 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.

The four onshore wind farms for which the parties agreed to enter a partnership are Stella, Cranell, East and West Raymond. With a total installed capacity of 861 MW, they are located in the coastal region of south Texas. Stella Wind Farm (201 MW) was commissioned in December 2018 and Cranell Wind Farm (220 MW) in September this year. Raymond East (200 MW) and West (240 MW) wind farms are currently under construction. They are expected to be commissioned by the end of this year and in the first quarter of 2021 respectively. Following the closing of the transaction, RWE will continue to operate all four wind farms.

By the end of 2022, RWE aims to expand its renewables portfolio to more than 13 GW capacity by investing €5 billion net. Together with partners, the gross investment volume can amount to up to €9 billion. To achieve its growth targets, RWE has an attractive project development pipeline of more than 22 GW across all of the company’s strategic core regions. 

The transaction is expected to close in the first quarter of 2021 and is subject to the commissioning of the projects under construction.

Original source: North American Wind Power

Filed Under: Renewable, Wind

Primary Sidebar

Join The Daily Charge

This week's top 5 stories in your inbox. No spam ever.

Trending

  • Anumar Names Delta as String Inverter Supplier for German PV Project
  • Vestas Unveils 15 MW Offshore Wind Turbine
  • Canadian Solar Launches New Line of PV Modules
  • Offshore Wind Market for Jack-Up Interventions on the Rise
  • Emerson Acquires Open Systems Int. Inc.
  • Dominion Energy Reaches Construction Milestone on Offshore Installation Vessel
  • Billions Could Live in Extreme Heat Zones Within Decades, Study Finds
  • SEACOR, CMB Enter Purchase Agreement for Windcat Workboats, CTV
  • Texas Governor Receives TGE’s Wind Leadership Award
  • Stem Provides Smart Energy Storage Solutions to Today’s Power

Footer

Trending

  • Anumar Names Delta as String Inverter Supplier for German PV Project
  • Vestas Unveils 15 MW Offshore Wind Turbine
  • Canadian Solar Launches New Line of PV Modules
  • Offshore Wind Market for Jack-Up Interventions on the Rise
  • Emerson Acquires Open Systems Int. Inc.

Recent

  • Quick Tips To A Sustainable Future
  • Stem Provides Smart Energy Storage Solutions to Today’s Power
  • EIA's AEO2021 shows U.S. energy-related CO2 emissions rising after the mid-2030s
  • Homeowners associations still a barrier for some would-be solar customers
  • Commentary: With open standards, U.S. can build EV charging infrastructure faster

Search

Contact Us

Write For Us

  • Email
  • Facebook
  • Twitter

Copyright © 2022 · EnergyNewsDesk.com