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German utility RWE on Tuesday completed a 2 billion euro ($2.
4 billion) offering to support its expansion into renewable energy, including a $480 million acquisition of wind turbine maker Nordex
.
RWE said in a statement that the move increased RWE's share capital by 10 percent
.
The price of 61,474,549 new bearer shares was 32.
55 euros per share, a 4.
9% discount from Tuesday's
closing price.
Shares of Frankfurt-listed RWE closed down 4.
3 percent at 33.
08 euros
.
CEO Rolf Martin Schmitz said in a statement: "We are pleased to successfully complete this offering, which is an opportunity for investors to support our growth ambitions in renewable energy
.
The additional financial flexibility allows us to enhance our project pipeline ??, accelerate continued growth
in wind and solar.
”
A portion of the proceeds from the offering will be used to purchase turbine manufacturer Nordex's 2.
7 gigawatt (GW) of European wind and solar projects
.
RWE, Germany's largest utility, wants to increase its renewable energy portfolio to more than 13 billion GW by the end of 2022, with a total investment of €5 billion
.
The Nordex deal is the first major renewable energy transaction
since RWE took over the wind and solar businesses of former subsidiary Innogy and German peer E.
ON.
The restructuring positions RWE as Europe's third-largest renewable energy producer as Germany phases out nuclear and coal in pursuit of a safe and environmentally sustainable energy mix
.
German utility RWE on Tuesday completed a 2 billion euro ($2.
4 billion) offering to support its expansion into renewable energy, including a $480 million acquisition of wind turbine maker Nordex
.
RWE said in a statement that the move increased RWE's share capital by 10 percent
.
The price of 61,474,549 new bearer shares was 32.
55 euros per share, a 4.
9% discount from Tuesday's
closing price.
Shares of Frankfurt-listed RWE closed down 4.
3 percent at 33.
08 euros
.
CEO Rolf Martin Schmitz said in a statement: "We are pleased to successfully complete this offering, which is an opportunity for investors to support our growth ambitions in renewable energy
.
The additional financial flexibility allows us to enhance our project pipeline ??, accelerate continued growth
in wind and solar.
”
A portion of the proceeds from the offering will be used to purchase turbine manufacturer Nordex's 2.
7 gigawatt (GW) of European wind and solar projects
.
RWE, Germany's largest utility, wants to increase its renewable energy portfolio to more than 13 billion GW by the end of 2022, with a total investment of €5 billion
.
The Nordex deal is the first major renewable energy transaction
since RWE took over the wind and solar businesses of former subsidiary Innogy and German peer E.
ON.
The restructuring positions RWE as Europe's third-largest renewable energy producer as Germany phases out nuclear and coal in pursuit of a safe and environmentally sustainable energy mix
.
