July 31, 2020 / 5:39 PM / 10 days ago

UPDATE 1-Nordex close to selling European development pipeline to RWE

(Adds details on RWE)

By Ludwig Burger

FRANKFURT, July 31 (Reuters) - German wind turbine maker Nordex SE is in exclusive talks with utility RWE to sell its European wind and photovoltaic project development pipeline for about 400 million euros ($470 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 and Italy’s Enel.

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 holds a 36% stake in Nordex.

$1 = 0.8477 euros Additional reporting by Christoph Steitz; editing by David Evans, Kirsten Donovan

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