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RWE and Northland Power expand collaboration for German offshore wind farms

By: Tom Russell 11/08/2022 RWE

General Windfarms

In its first half results for 2022, RWE revealed that it is expanding its partnership with Northland Power for offshore wind development in the German North Sea.

In January, RWE and Northland Power agreed to co-develop three wind energy projects in the German North Sea, north of the island of Juist. They are expected to create over 1.3 GW in generation capacity and are being delivered by a joint venture, of which RWE owns 51 % of the shares and Northland holds 49 %.

The companies have since agreed to co-develop another wind farm, which will have a capacity of 225 MW and is also set to be built north of the island of Juist. RWE was previously the sole developer of this project. Northland Power will now acquire a 49 % stake. This transaction is pending formal closing. Two of the four joint venture projects have already been successful in auctions. Invitations to tender for the other two projects have been scheduled for 2023.

In first half results, RWE revealed that its Offshore Wind segment achieved an adjusted EBITDA of €632 million; €459 million in the same period the previous year. This increase was attributed to the commissioning of new capacities as well as higher wind levels compared to the previous year. For the current year, RWE expects adjusted EBITDA of between €1.35 billion and €1.6 billion in this segment.

Overall RWE achieved adjusted EBITDA of €2,357 million in the first six months of 2022. The figure for the same period last year was €1,206 million.

In the first six months of 2022, RWE produced 77,752 GWh of electricity, nearly as much as in the same period last year. The company noted that its share of renewables in electricity generation posted substantial growth. Wind power recorded a gain of 29 %, benefiting from the commissioning of new generation capacity and improved weather conditions compared to the low wind speeds last year. Another driving factor was that it increased its stake in the Rampion offshore wind farm in the UK (400 MW) from 30.1 % to 50.1 % as of 1 April 2021 and have fully consolidated Rampion since then.

Markus Krebber, CEO of RWE AG: “In the first half of 2022 our earnings increased significantly, and on the back of this we have raised our forecast for the whole year. The earnings we are generating will benefit the energy transition. This year alone we are investing more than €5 billion in expanding our green portfolio, which is about 30% more than originally planned. We are investing in offshore and onshore wind, solar, batteries and in ramping up the hydrogen economy. All this is urgently needed in order to make energy supply more independent and climate-neutral.”

For more information on offshore wind farms worldwide, click here.

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RWE and Northland Power expand collaboration for German offshore wind farms

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