RWE to Cut Its Stake in UK’s Renewables Projects
After terminating the Atlantic Array offshore wind project, RWE is most likely to cut down more of its investments in renewable projects in the UK, writes Guardian Sustainable Business.
The company’s share price is going down and RWE is also dealing with rather large debts. Beside these issues, offshore wind policy uncertainty in the UK is contributing to the company’s decision to make this move.
RWE’s stake in the Galloper offshore wind farm is already under consideration for reduction from 50% to 25%.
“I would never say never … (but) there are more drivers to taking smaller stakes rather than larger ones,” Paul Coffey, the COO of RWE npower Renewables is quoted by Guardian Sustainable Business as saying.
As a result of all these trends, the company will probably cash in its stakes in the UK offshore wind farms and a large biomass plant.
The actual amount of RWE’s cuts will be familiar on March 4, at the company’s annual briefing.
Offshore WIND Staff, January 20, 2014; Image: RWE