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Tuesday, January 26, 2021

RWE to invest euro2.8 billion in North Sea wind farm

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Energy company RWE AG said Friday it would invest euro2.8 billion ($3.9 billion) to build a wind farm off the German North Sea island of Juist.

Essen-based RWE said it had acquired the project company ENOVA

Energieanlagen, part of the Bunderhee-based ENOVA, a company

specialized in wind energy.

RWE said the wind farm, Nordsee 1, would have a capacity of 960

megawatts. The company expects approvals in 2009 and to start building

in 2010. The first turbines should start running in 2011. The company

said the capacity would be enough to supply electricity to 780,000

households yearly.

“That is the largest single project RWE has undertaken so far in the

area of renewables,” Juergen Grossman, the chief executive of RWE, said

in a statement.

“Even in these times of economic crisis, RWE Innogy is consciously stepping up its investment pace.”

Shares of RWE were trading down 1 percent at euro63.29 ($89.23) in Frankfurt morning trading.

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