RWE and Commerzbank Team up for Construction of Planned Wind Farm

German energy firm RWE and Commerzbank are teaming up to help build an offshore wind farm with a capacity of around 1 gigawatt, the firms announced on Monday.

The firms plan to create a ‘green’ fund to give medium-sized industrial companies in Germany access to green electricity generated by offshore wind plants, according to their memorandum of understanding.

The new fund will offer these companies the opportunity to secure green electricity through long-term power purchase agreements.

Companies can participate directly in the planned offshore wind farm with equity, or can secure long-term green electricity via a purchase agreement – or they can do both.

Auctions for an area of seabed are expected to take place in 2023.

RWE plans to hold 51% of the shares in the new wind farm, and the remaining 49% are to be offered to interested medium-sized companies by Commerzbank.

RWE will develop, build and operate the wind farm.