RWE sells 49% stake in Humber Gateway offshore wind farm

RWE has signed an agreement with Greencoat to sell a 49% stake in the Humber Gateway offshore wind farm in the UK.

With a 51% share in the project, RWE will remain the majority shareholder and will continue operating the 219 MW wind farm.

The agreed cash consideration amounts to GBP 648 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.

Closing of the transaction is subject to the approval of the RWE AG Supervisory Board and is expected by mid-December.

Humber Gateway comprises 73 turbines located approximately 8km off the coast of East Yorkshire. The offshore wind farm went into full operation in May 2015.