RWE Aktiengesellschaft (XTRA:RWE) agreed to acquire 1.4-gigawatt power plant of Vattenfall from Vattenfall AB (publ) for an enterprise value of approximately €500 million on June 2, 2022. Another component of the transaction is a solar plant with a capacity of 5.6 megawatts located on the site. RWE will take over Magnum's entire workforce from Vattenfall.

The transaction is amongst others subject to the advice of Vattenfall's works council. Closing of the transaction is expected by the end of September 30, 2022. The proceeds from the sale will give Vattenfall more resources to invest in the energy transition, for example in fossil free energy projects such as offshore wind and district heating and cooling.

Citi acted as financial advisor to Vattenfall AB (publ) in the transaction. Rens Bondrager, Richard de Haan, Yvo De Vries, Marinus Winters , Allen & Overy Amsterdam acted as legal advisor to Vattenfall AB (publ).