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    RWE joins forces with Commerzbank for 1 GW offshore wind farm in Germany.


    June 24, 2022 - NS Energy

     

      RWE partners with Germany-based lender Commerzbank to construct a 1 GW offshore wind plant in Germany as well as create a fund to allow medium-sized industrial firms in the country to access clean power generated by offshore wind farms. In line with this, the two companies have reached a memorandum of understanding (MoU). The new fund, called Green Mittelstand Fund, will offer German medium-sized firms the scope to buy green power under long-term power purchase agreements (PPAs). According to Commerzbank and RWE, it has mostly been large industrial clients so far, which could ink such long-term power purchase agreements with large-scale green power projects. The medium-sized entities will have two options under the Green Mittelstand Fund: (1) to directly take part in the proposed offshore wind project by buying a stake; and (2) companies can provide long-term green power via a PPA. The two choices can be combined as well. RWE and Commerzbank intend to apply for a seabed for the offshore wind project under the framework of future tenders. Auctions are expected to be conducted in 2023. RWE aims to have a 51% stake in the planned offshore wind plant in Germany. It will be in-charge of developing, building, and running the project. The remaining 49% stake will be offered to interested medium-sized companies by Commerzbank via the Green Mittelstand Fund. Original Source: NS Energy, http://www.nsenergybusiness.com.

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