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EWE Renewable Subsidiary Acquires Wind Farms from Swiss Fund Manager - Joint Venture with Enercon on the Way

Oldenburg, Germany / Zurich, Switzerland - The renewable subsidiary of the Oldenburg-based energy and telecommunications company EWE is further expanding the portfolio of its own wind farms.

EWE Erneuerbare Energien GmbH is taking over four wind farms from the Swiss asset manager InvestInvent. This brings the total capacity in the wind energy business area to just under 400 megawatts (MW). EWE expects further growth from the planned joint venture with Enercon.

Wind growth: 28 megawatts for EWE

Oldenburg-based EWE Erneuerbare Energien GmbH has added four wind farms with a total of 28 MW to its portfolio. This brings the EWE Group's portfolio of onshore wind turbines to 390 MW. The wind turbines now acquired stem from a renewable energy fond of InvestInvent AG (Zurich). Specifically, the projects are an 8 MW wind farm in Steinau (Hesse), a 4 MW project in Bad Berleburg (NRW) and an 8 MW wind farm in Petersdorf (Mecklenburg-West Pomerania). The transaction also includes the Stretense wind farm (8 MW) in Mecklenburg-West Pomerania, which EWE took over from InvestInvent in the spring of 2020. All acquired turbines are Vestas V 90 turbines, which were already commissioned in 2009. Both parties have agreed not to disclose the purchase price for the wind farms. "Because the wind farms are comparatively new and have a proven equipment type, they can make a solid contribution to the energy revolution for several years. We also see good potential for repowering," says Hendrik Stalljann, Technical Director at EWE Erneuerbare Energien, about the current transaction.

EWE and Enercon establish green power joint venture

In addition, EWE is focusing on further growth. "Moreover, we are counting on continued growth, especially through our comprehensive project pipeline, and the planned joint venture with the Aloys Wobben Foundation, which includes the existing parks and projects of Enercon and EWE“, says Georg Boie, managing director of EWE Erneuerbare Energien.

The Aloys Wobben Foundation, sole shareholder of Aurich-based wind turbine manufacturer Enercon, and EWE signed an agreement to establish a joint venture just before Christmas last year (2020). According to the agreement, each side will hold 50 percent of the shares in the joint venture and contribute the existing wind farms and onshore projects of Enercon and EWE to the future joint venture. Investments with a total volume of around €4 billion are planned up to 2030, with the company to be based in Aurich.

The new company will have more than 2,300 megawatts (MW) of installed capacity in its portfolio and a project pipeline of more than 9,400 MW. The goal is to add more than 200 MW annually and increase the existing portfolio to up to 5 gigawatts (5 GW = 5,000 MW) in 2030. Enercon and EWE aim to become the largest producer of green power in Germany and France in the future. The closing of the joint venture, expected in spring 2021, is subject to antitrust review.

About the companies

EWE Erneuerbare Energien GmbH, headquartered in Oldenburg, is a wholly owned subsidiary of the EWE Group. The company covers the entire value chain in onshore renewable energy. Besides wind energy the renewable portfolio of the also includes photovoltaics, biomass and hydropower. The entire EWE Group, which is also active in telecommunications and information technology in addition to its energy business, employs a total of more than 8,800 people who generate annual sales of around €5.7 billion. This makes EWE one of the largest municipal companies in Germany.

Zurich-based InvestInvent AG is a Swiss asset manager with more than 17 years of industry experience. In the wind energy sector, the company covers the entire spectrum of successful investments in wind energy projects, including pre-investment analysis, due diligence and contract negotiations as well as financing and asset optimisation.

Source: IWR Online, Feb 02 2021