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    RWE will sell their stake in German North Sea wind project

    RWE and Canadian developer Northland Power have reached an agreement to sell RWE a 49% share in a 225MW wind project in the German North Sea.


    According to the German energy business, the acquisition was finalised this month, and formal completion will be announced in its 2022 half-year results.


    The N-3.7 project, for which RWE was given a lease in the German offshore wind auction last year, corresponds to the project north of the island of Juist.


    The three other RWE projects, 433MW N-3.8, which also received a lease last year, as well as 480MW N-3.6 and 420MW N-3.5, which are slated to go up for auction in 2023, were all located close to the island. In January, Northland Power and RWE reached an agreement to purchase 49% stakes in each of these projects.


    Meanwhile, the €632m adjusted EBITDA for offshore wind reported in a provisional update at the end of last month is confirmed by the release of RWE’s full half-year results today.


    The increase over the segment’s first-half 2021 reported total of €459 million is attributed in part to “thanks to higher wind levels, improved generation margins, and additional capacity”.


    RWE and its consortium partners completed the 857MW Triton Knoll offshore wind farm in the North Sea during the first half of the year.


    “A further positive effect was felt from an increase in our stake in the Rampion offshore wind farm in the UK to a majority interest as of 1 April 2021 and its full consolidation since then,” the report adds.

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