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Northland Power sells 49% stake in Nordseecluster offshore wind portfolio to RWE
Transactions - MAY 25, 2023

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Northland Power sells 49% stake in Nordseecluster offshore wind portfolio to RWE

by Kali Persall

Northland Power has sold its total 49 percent ownership stake in the Nordseecluster offshore wind portfolio (NSC) to its portfolio partner, RWE Offshore Wind, for a cash consideration of €35 million ($38 million).

The sale provides RWE with 100 percent ownership of the projects.

“Northland is constantly evaluating its 19-gigawatt portfolio and prioritizes projects that are strategically and financially consistent with its investment approach,” said Mike Crawley, president and CEO of Northland. “Evaluation of the NSC in the current environment is leading to higher expected costs for the project that are only partially being offset by higher expected revenue offtake. As a result, the project no longer meets Northland’s investment criteria.”

Developing, constructing and operating offshore wind facilities is a key part of Northland’s growth strategy. The company expects significant increases to its renewable capacity will come from offshore wind projec

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