Nordex has entered into exclusive discussions in relation to parts of its wind power and photovoltaic development pipeline with RWE. The sale price at closing would be EUR 402.5 million in cash before deduction of any customary fees, taxes and any other adjustments.
The project development pipeline in the context of the transaction comprises approximately 2,6 GW of wind energy capacity, out of which approximately 1.8 GW in France, in addition to a 0.1 GW solar PV pipeline. Nordex will continue with its wind power developments in other markets.
RWE and Nordex have signed a put option agreement on the potential transaction. Nordex will now initiate the consultation process with the staff council in France, which will have to be completed before it makes a decision to exercise the put option agreement, whereby the final agreements would become binding between the parties. Closing of the transaction would also be conditional on foreign investment clearance in France and completion of customary spin-off processes. It is anticipated that closing of the transaction could occur in Q4 2020. The Company will update in relation to the financial impact of the transaction once completion has occurred as a part of its ongoing reporting.