Algonquin Power and Utilities to acquire a 51% stake in RWE's Texas wind farm for $600m.

Algonquin Power and Utilities, a Canadian renewable energy and regulated utility conglomerate, agreed to acquire a 51% stake in RWE's Texas wind farm, an onshore wind farm, for $600m. The transaction is expected to close in the 1Q of 2021 and is subject to the commissioning of the projects under construction. The disposal is part of RWE’s capital rotation programme and the proceeds will be used to finance further growth in the renewable energy business.