Feb. 12 (Bloomberg) -- RWE AG sold a 49 percent stake in a 67-megawatt wind farm under development in western Germany as the utility divests holdings to bolster its balance sheet.
The city of Bedburg bought into the 21-turbine Koenigshovener Hoehe plant, according to a joint e-mailed statement, which didn’t disclose financial terms. Construction of the facility, which will be RWE’s biggest onshore wind farm in Germany, will start in “coming weeks.”
RWE and larger competitor EON SE are cutting costs and selling assets after wholesale electricity prices tumbled, making many power plants unprofitable. Essen-based RWE said last month it will seek partners for its wind projects as constrained finances threaten growth.
The new wind farm will be built at the site of the Garzweiler open-cast strip mine in North Rhine-Westphalia.
--Editors: Amanda Jordan, John Viljoen