RWE to sell 49% stake in 225MW wind project

The German energy developer RWE is all set to sell a 49% stake in a 225MW wind project.

The stake will be sold to the Canadian developer Northland Power. The wind project is located in the German North Sea.

According to the company, the agreement was finalized while the formal closing is yet to be done. It further informed that RWE was awarded a lease in last year’s German offshore wind auction.

Northland Power had agreed to buy 49% stakes in three other RWE projects. It includes 433MW N-3.8, 480MW N-3.6 and 420MW N-3.5.

These projects are likely to go up for auction in 2023.

Meanwhile, RWE stated that “the €632m adjusted EBITDA for offshore wind posted in a provisional update at the end of last month.”

It was possible due to the higher wind levels, improved generation margins, and additional capacity.