RWE has agreed to sell a 24 percent stake in four onshore wind farms in Texas to Greencoat for $160 million.
According to RWE, the agreed purchase price of $160 million corresponds to a total enterprise value of around $300 million for the 24 percent stake. The stake represents 207 megawatts of installed capacity.
The four onshore wind farms include Stella, Cranell, East Raymond and West Raymond and have a total installed capacity of 861 megawatts. They are located in the coastal region of south Texas. Three of the projects are in operation and one is under construction.
Following the closing of the deal, which is slated for first quarter 2021, RWE will continue to operate all four wind farms.
In December, RWE announced plans to divest the four onshore windfarms and sell a 51 percent stake to a subsidiary of Algonquin Power & Utilities Corp. Following the transaction, the assets will be 51 percent owned by Algonquin, 25 percent by RWE and 24 percent b
