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RWE Signs MoU With Commerzbank For I GW Offshore Wind Farm

RWE AG (RWEOY.PK), a German energy firm, Monday said it has signed a Memorandum of Understanding or MoU with Commerzbank AG (CRZBY.PK) for the planned construction of joint offshore wind farm with a capacity of around 1 gigawatt or GW.

Both companies plan to create a 'Green Mittelstand Fund' to give medium-sized industrial companies in Germany access to green electricity generated by offshore wind plants.

The new fund will offer these companies the opportunity to secure green electricity through long-term power purchase agreements or PPAs. The medium-sized companies are offered two options as part of this fund. They can participate directly in the planned offshore wind farm with equity, or can secure long-term green electricity via a PPA and thus achieve their decarbonisation targets.

Both options can also be combined.

The companies want to apply for a seabed for the wind farm within the framework of future tenders, in accordance with the planned amendment to the German Wind Energy at Sea act. These auctions are expected to take place in 2023.

RWE plans to hold 51 percent of the shares in the wind farm, the remaining 49 percent are to be offered to interested medium-sized companies by Commerzbank via the 'Green Mittelstand Fund'. RWE will develop, build and operate the wind farm.

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