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RWE Sells Stakes in Texas Wind Farms

RWE has signed an agreement with a subsidiary of Algonquin Power & Utilities Corp. to sell a 51% stake in four RWE onshore wind farms in Texas with a proportionate installed capacity of 439 megawatts (MW).

Image: RWEImage: RWE

The total consideration represents an enterprise value of approximately US$600 million (for the 51% stake), which corresponds to an implied enterprise value multiple of US$1.4 million/MW. The proceeds will be used in new renewable energy projects by RWE.

The four wind farms for which the two companies have agreed to partner are Stella, Cranell and East and West Raymond. They are located in the coastal region of South Texas and have a total installed capacity of 861 MW. The Stella wind farm (201 MW) was commissioned in December 2018 and the Cranell wind farm (220 MW) in September this year. The Raymond East (200 MW) and West (240 MW) wind farms are currently under construction. They are scheduled to be commissioned at the end of this year and in the first quarter of 2021 respectively. Following the closing of the transaction, RWE will remain the operator of all four wind farms.

The U.S. plays a key role in RWE's strategy to expand its renewables business and become carbon neutral by 2040. RWE builds, owns and operates some of the most powerful wind and solar plants as well as energy storage projects in the US. The company has many years of experience in the U.S. with 25 onshore wind farms in operation. RWE is currently building US onshore wind farms with a total capacity of almost 1 gigawatt (GW) and is building the combined solar-storage project Hickory Park.

Windfair Editors
RWE, USA, Texas, wind farm, onshore, share, Algonquin, renewable energy, megawatts, carbon neutral, operator

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