German energy company RWE has sold its US distributed clean energy generation business to Goldman Sachs.
RWE Americas signed an agreement with Goldman Sachs Alternatives, the alternative investment arm of the bank, to sell its Distributed Clean Energy (DCE) business this week. The transfer includes roughly 350MW of operational distributed renewable energy across 16 states and a 1.2GW project development pipeline.
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RWE said its business would continue to manage operations and maintenance (O&M) and development for the projects to “ensure continuity”, and many of its staff will move with the ownership change.
Financial details of the transaction were not disclosed.
The company said the sale would allow it to focus on its utility-scale power business in the US, which comprises a portfolio of 13GW of power assets across 27 US states.
“This acquisition represents a compelling opportunity to build a market-leading distributed generation platform at a pivotal moment for US power infrastructure. DCE has a strong foundation of contracted, diversified operating assets and a significant, safe-harboured development pipeline,” said Teresa Mattamouros, managing director within infrastructure at Goldman Sachs Alternatives.
“This transaction allows RWE to further sharpen its strategic focus on growing our utility-scale power business in America, while positioning DCE for continued success under new ownership,” added Andrew Flanagan, CEO of RWE Americas.
Last month, RWE signed a power purchase agreement with big tech major Meta for a 298MW utility-scale solar PV project in Texas, and back in May it commissioned a 273MW site in Illinois.
