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RWE has signed an agreement with Greencoat to sell a 24% stake in four RWE onshore wind farms in Texas. This accounts for a total pro-rata installed capacity of 207MW.
The agreed purchase price of around USD 160 million corresponds to an enterprise value of around USD 300 million (for the 24% stake), which translates to an implied enterprise value multiple of USD 1.4 million/MW. Three projects are in operation and one under construction. Following the closing of the transaction, RWE will continue to operate all four wind farms. The four onshore wind farms for which the parties agreed to enter a partnership are Stella, Cranell as well as East and West Raymond. With a total installed capacity of 861 MW, they are located in the coastal region of south Texas. Stella Wind Farm (201 MW) was commissioned in December 2018 and Cranell Wind Farm (220 MW) in September 2020, followed by East Raymond Wind Farm (200 MW) in December. West Raymond Wind Farm (240 MW) is currently under construction and expected to be commissioned in the first quarter of 2021.
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