Nordex Group announces potential sale of its 2.7 GW European project development pipeline to RWE

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The Nordex Group leverages the current market environment with strong investor interest for projects under development and has decided to accelerate the value creation from a part of its project development pipeline in a single transaction. Now, RWE and Nordex have agreed on a sale of this business to the German energy supplier. This is still subject to usual transactional reservations.

In total, the planned transaction includes a project pipeline with a volume of 2.7 GW. With around 1.8 GW, the focus is on wind energy projects of various stages of maturity in France. The portfolio in France also includes a pipeline of 0.1 GW of solar PV projects. The Nordex Group as potential seller and RWE have signed the respective put option agreement. The purchase price is approx. EUR 402.5 million.

“The quality of the underlying assets and our consistent development track record have resulted in a strong interest for our project development pipeline from multiple market participants crystallising an excellent outcome for Nordex. We are grateful to our project development team for delivering this outcome and we have every confidence it will continue its success story with RWE”, comments José Luis Blanco, CEO of the Nordex Group, on this important milestone. “Significant proceeds from this transaction would strengthen our balance sheet as we continue to build on our strong order book and capture market opportunities with our Delta 4000 product portfolio,” he adds.

As a part of its value chain offering in some markets, the Nordex Group develops its own portfolio of wind farm projects. Projects are then sold on to customers or investors. Under attractive market conditions, the Nordex Group has already sold parts of its project development portfolio in the past. The Nordex Group will continue with its wind developments in its other markets.

Prior to execution of the transaction, a customary consultation process with the staff council in France is to be conducted. Closing of the transaction would further require foreign investment clearances of the competent
authorities in France and completion of customary spin-off processes, as required for the transaction. It is expected that closing could occur in Q4 2020.

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