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Greencoat buys a stake of Humber Gateway

By: Tom Russell 23/11/2020 RWE

General Windfarms

RWE has signed an agreement with Greencoat to sell a 49 % stake in the Humber Gateway for a total cash consideration payable at completion being GBP 648 million. The proceeds will be used to finance further growth in the renewable energy business.

Closing of the transaction is subject to the approval of the Supervisory Board of RWE AG and is expected by mid-December 2020.

Greencoat is a UK-based investment manager whose funds invest in operating UK wind farms and other renewable projects. The company is already a partner in other RWE UK projects, namely in the offshore wind farm Rhyl Flats as well as in the onshore wind farms Little Cheyne Court, Lindhurst and Middlemoor.

The 219 MW Humber Gateway project is located in the United Kingdom, off the coast of East Yorkshire. The project consists of 73 MHI Vestas V112-3.0MW turbines and was commissioned in 2015. With a 51% share in the project, RWE will remain the majority shareholder in the project and the wind farm will continue to be operated by RWE.

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 a project development pipeline of more than 22 GW.

RWE is currently constructing and developing the Triton Knoll and Sofia project which will enlarge RWE’s existing UK portfolio of nine offshore wind farms. In addition, RWE recently signed Agreements for Lease with The Crown Estate to develop extension projects at four offshore wind farms.

For more information on offshore wind farms worldwide, click here. Alternatively projects worldwide can be seen on 4C Offshore's interactive map.

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Greencoat buys a stake of Humber Gateway

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