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Nordex close to selling European development pipeline to RWE

Ludwig Burger
·1-min read

By Ludwig Burger

FRANKFURT (Reuters) - German wind turbine maker Nordex SE <NDXG.DE> is in exclusive talks with utility RWE <RWEG.DE> to sell its European wind and photovoltaic project development pipeline for about 400 million euros (£359.9 million) to focus on other regions.

The prospective deal, expected to close during the last quarter of 2020, would bolster RWE's position as Europe’s third-largest renewables group after Spain’s Iberdrola <IBE.MC> and Italy’s Enel <ENEI.MI>.

The transaction covers about 2.6 gigawatts (GW) of wind capacity, of which about 1.8 GW are in France, and a 0.1 GW solar energy pipeline, Nordex said in a statement on Friday.

RWE said the deal, which would see it take on 70 Nordex employees, would boost its existing 22 GW development pipeline,

"Upon completion of the transaction, the employees will join RWE Renewables, where the mostly France based team will develop further projects," RWE added.

Spanish renewable energy producer Acciona <ANA.MC> holds a 36% stake in Nordex.

(Additional reporting by Christoph Steitz; editing by David Evans, Kirsten Donovan)