RWE has clinched a deal to sell a 49% stake in the Humber Gateway offshore wind farm to UK-based investment manager Greencoat for £648 million.
The 73-turbine, 219 megawatt Humber Gateway wind farm is located off the coast of East Yorkshire and was commissioned in 2015.
With a 51% share in the project, RWE will remain the majority shareholder and operator.
The deal is expected to go through by mid-December.
RWE is currently constructing the offshore wind farm Triton Knoll and is developing the Sofia offshore project which will enlarge RWE’s existing UK portfolio of nine offshore wind farms.
In addition, RWE recently signed agreements for lease with The Crown Estate to develop extension projects at four offshore wind farms.
Greencoat 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 the deal didn’t change its ambitions for investment and growth in the renewable energy business.
By the end of 2022, RWE aims to expand its renewables portfolio to more than 13 gigawatts capacity by investing €5 billion net.
Together with partners, the gross investment volume can amount to up to €9 billion.
To achieve its growth targets, RWE has an attractive project development pipeline of more than 22 gigawatts, across all of the company’s strategic core regions.