German energy company RWE Renewables has completed the acquisition of Nordex’s European onshore wind and solar development platform for approximately €400m ($467m).
In August, Nordex Group selected RWE as a buyer for its onshore wind and solar projects.
Under the deal, RWE has acquired a total 2.7GW development pipeline in France, Spain, Sweden and Poland.
According to the agreement, more than 70 employees from Nordex will join RWE, the majority of which will be based in France.
RWE Renewables CEO Anja-Isabel Dotzenrath said: “We warmly welcome our new colleagues joining from Nordex. They have a strong track record in the development of renewables projects and many of them have worked together from the inception of the development pipeline.
“This significantly facilitates our market entry in France, a very attractive market for renewables in Europe, which aims to grow renewable energy considerably by 2030.
“The transaction supports our growth ambitions in France in the areas of offshore and onshore wind, as well as large solar plants and battery storage.”
With the completion of the deal, RWE has further strengthened its development platform in France with a 1.9GW pipeline in various project phases.
Approximately 15% of the projects covered in the deal are close to final investment decisions (FID) or in late development stages and nearly 230MW have secured contracts for difference (CfDs) or other feed-in tariffs.
Going forward, RWE Renewables will focus on the development of projects and work on executing the project pipeline.
The acquisition represents a strategic pipeline enhancement for RWE and adds to its existing 22GW development pipeline.