Renewable energy giant RWE has agreed to sell to Greencoat a 49% stake in the Humber Gateway wind farm offshore the UK for GBP 648 million ($863 million).
"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," RWE said Monday. The transaction is expected to close by mid-December 2020.
With an installed capacity of 219 megawatts (MW), 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.
Greencoat is a UK-based investment manager whose funds invest in operating UK wind farms and other renewable projects.
"The transaction continues the successful relationship between RWE and Greencoat. The company is already a strong 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," RWE said.
RWE said the UK would play a key role in RWE’s strategy to grow its renewables business and to become carbon neutral by 2040.
In the UK, RWE is is currently building the offshore wind farm Triton Knoll and is developing the Sofia offshore wind project which will increase the size of RWE’s existing UK portfolio of nine offshore wind farms.
By the end of 2022, RWE aims to expand its renewables portfolio to more than 13 gigawatts capacity by investing €5 billion net.
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