RWE to acquire Nordex’s European onshore wind pipeline in €402.5 million deal

German utility group RWE is set to acquire wind turbine manufacturer Nordex’s European onshore wind and solar development business, in a deal that could add 2,700MW to the former’s pipeline.

The €402.5 million deal covers a package of projects in Spain, Sweden and Poland, with a strong focus on France, where Nordex has 1.9GW of projects in various stages. RWE said 15% of the pipeline was in advanced development stages or close to final investment decisions.

The development platform comes with a team of more than 70 mostly France-based employees and adds to RWE’s existing 22GW pipeline.

RWE Renewables chief executive Anja-Isabel Dotzenrath said: “[France is] one of the most attractive markets in Europe and characterised by ambitious renewable energy targets.

“We are looking forward to working together with the experienced team which comes with a strong track record in the development of renewables projects,” she added. “The transaction leverages our growth ambitions in France in the fields of offshore and onshore wind as well as large solar plants and battery storage.”

Meanwhile, Nordex chief executive Jose Luis Blanco said the proceeds of the sale will be used to strengthen the group’s balance sheet. The €402.5 million deal resembles 43% of Nordex’s current market valuation.