RWE is to sell 51% stakes in four US onshore wind farms with a combined capacity of 861MW to a subsidiary of Canadian company Algonquin Power & Utilities Corp.
The total consideration for the projects, which are located in Texas, corresponds to an enterprise value of around $600m (€494m), RWE said.
Two projects – 201MW Stella (pictured) and 220MW Cranell – are in operation and two – Raymond East (200MW) and West (240MW) – are under construction.
The disposal is part of RWE’s capital rotation programme and the proceeds will be used to finance further growth in the renewable energy business.
Raymond East is due online by the end of the year and West in the first quarter of next year.
The transaction is expected to close in the first quarter of 2021 and is subject to the commissioning of the projects under construction.
Following the closing of the deal, RWE will continue to operate all four wind farms.
By the end of 2022, RWE aims to expand its renewables portfolio to more than 13GW by investing €5bn net.
Together with partners, the gross investment volume can amount to up to €9bn.