RWE has a agreed to sell a stake in four wind farms in Texas equivalent to 207MW to UK investor Greencoat.
The agreed purchase price of around $160m corresponds to an enterprise value for the 24% stake of around $300m, which translates to an implied enterprise value multiple of $1.4m/MW, RWE said.
The four onshore wind farms, which are all located in south Texas, are Stella, Cranell as well as East and West Raymond, with a total installed capacity of 861MW.
The transaction is expected to close in the first quarter of 2021.
Stella (201MW) was commissioned in December 2018 and Cranell (220MW) in September 2020, followed by East Raymond (200MW) in December.
West Raymond (240MW) is expected to be commissioned in the first quarter of 2021.
RWE will continue to operate all four wind farms.
The agreement with Greencoat follows the announcement on 14 December 2020 of RWE to reduce its 100% stake in the four wind farms and to sell a 51% stake to a subsidiary of Algonquin Power & Utilities.
The assets will be 51% owned by Algonquin, 25% by RWE and 24% by Greencoat.
The disposal is part of RWE’s capital rotation programme and the proceeds will be used to finance further growth in its renewable energy business.
Greencoat has over $8bn of assets under management and already holds shares in RWE UK projects, namely in the offshore wind farms Humber Gateway and Rhyl Flats as well as in the onshore wind farms Little Cheyne Court, Lindhurst and Middlemoor.
The US plays a “key role” in RWE’s strategy to grow its renewables business, which has 27 onshore wind farms in operation and further onshore projects under construction.
RWE is also building the Hickory Park solar project with co-located storage.