Nordex : announces potential sale of its European wind and photovoltaic development pipeline to RWE for a cash consideration of EUR 402.5 million
July 31, 2020 at 11:45 am EDT
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DGAP-Ad-hoc: Nordex SE / Key word(s): Disposal
Nordex SE announces potential sale of its European wind and photovoltaic development pipeline to RWE for a cash consideration of EUR 402.5 million
31-Jul-2020 / 17:40 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Nordex SE announces potential sale of its European wind and photovoltaic development pipeline to RWE for a cash consideration of EUR 402.5 million
Hamburg, 31 July 2020. Nordex SE ("Nordex" or the "Company"; ISIN: DE000A0D6554) has entered into exclusive discussions in relation to parts of its wind and photovoltaic development pipeline with RWE. The sale price at closing would be EUR 402.5 million in cash before deduction of any customary fees, taxes and any other adjustments.
The project development pipeline in the context of the transaction comprises approximately 2.6GW of wind capacity, out of which approximately 1.8GW in France, in addition to a 0.1GW solar PV pipeline. Nordex will continue with its wind developments in other markets.
RWE and Nordex have signed a put option agreement on the potential transaction. Nordex will now initiate the consultation process with the staff council in France, which will have to be completed before it makes a decision to exercise the put option agreement, whereby the final agreements would become binding between the parties. Closing of the transaction would also be conditional on foreign investment clearance in France and completion of customary spin-off processes. It is anticipated that closing of the transaction could occur in Q4 2020. The Company will update in relation to the financial impact of the transaction once completion has occurred as a part of its ongoing reporting.
This announcement does not contain any guidance on the 2020 financial figures of the Company.
For additional information:
Head of Investor Relations
Felix Zander
Phone: +49 (40) 30030 1116
E-Mail: fzander@nordex-online.com
31-Jul-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
Nordex SE
Erich-Schlesinger-Straße 50
18059 Rostock
Germany
Phone:
+49 381 6663 3300
Fax:
+49 381 6663 3339
E-mail:
info@nordex-online.com
Internet:
www.nordex-online.com
ISIN:
DE000A0D6554
WKN:
A0D655
Indices:
SDAX, TecDAX
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
Nordex SE is a Germany-based holding company that, along with its subsidiaries, develops, manufactures and distributes wind power systems, specializing in wind turbines, in Germany and other countries. Under the Nordex brand, the Company offers wind turbines Nordex N90/2500, N100/2500 and N117/2400. In addition to the development and production of wind power systems, the Company also provides preliminary project development services to support marketing, as well as acquires rights and creates the infrastructure required to construct wind power systems at suitable locations. The Company is active in project development in almost four markets: France, Poland, Sweden and America. The Company has offices and subsidiaries throughout the whole world and production facilities in Germany, China and the United States. The Company holds stake in other companies, including Beebe Wind LLC, Big Berry Wind Farm LLC, Flat Rock Wind LLC and Green Hills Wind LLC, among others.