Greencoat secures 49% stake in RWE’s Humber Gateway offshore wind farm

humber gateway wind farm
Image credit: RWE

Renewable energy company RWE has signed an agreement with Greencoat to sell a 49% stake in the UK offshore wind farm Humber Gateway for a total of à‚£648 million ($865 million).

The disposal is part of RWE’s capital rotation programme and the proceeds will be used to finance further growth in the renewable energy business.

Read more:
ENGIE and EDPR launch North American offshore wind company
DNV GL advises refinancing of 12 Spanish wind farms

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.

With an installed capacity of 219MW, Humber Gateway is located in the United Kingdom, off the coast of East Yorkshire. The wind farm 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.

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

This transaction is thought to demonstrate the attractiveness of the United Kingdom for investment in wind power. The market provides great potential for growth with significant buildout targets and will play a key role in RWE’s strategy to grow its renewables business and to become carbon neutral by 2040.

No posts to display