GERMANY + SWEDEN + UNITED KINGDOM: RES eyes sale of 1.9 GW European wind & solar pipeline

RES has begun circulating teasers regarding the proposed sale of an up to 1.9 GW onshore wind and solar PV pipeline comprising 29 projects located across the UK, Germany and Sweden.

Under the terms of the proposed transaction, the UK-based developer would in an initial tranche of the deal sell its full interest in the more advanced, late stage packet of projects, it is understood.

An initial 69 MW wind project in the UK has already reached a late-stage of development, while a further circa 200 MW of capacity across three further projects is expected to reach this stage by the end of 2024.

The pipeline’s capacity is split between 1.331 GW of onshore wind (227 MW in Sweden, 426 MW in German and 678 MW in the UK) and 594 MW of solar PV (147 MW, 313 MW and 134 MW).

By project number, eight schemes are located in Sweden (four onshore wind, four solar PV), 12 are located in Germany (eight wind, four solar) and nine are located in the UK (six wind, three solar).

In addition, nine of the wind projects and eight of the solar PV schemes have the potential to be co-located with battery storage capacity.

RES would maintain ownership of the less advanced, early stage projects until they reach a late-stage of development, at which point ownership of these projects will also transfer to the buyer on a project-by-project basis.

RES would recycle the proceeds of the transaction back into its development pipeline.

The developer would look to provide the buyer with development, construction management, asset management and operations & maintenance (O&M) services on the projects post-sale.

RES is being advised on the “Project Oak” transaction by Rothschild & Co (financial).

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