RWE delivers good financial performance, invests in value-creating growth and announces share buyback programme
12.11.2024
RWE, the third largest renewable energy company in the U.S., today announced it signed a long-term power purchase agreement (PPA) with electric vehicle manufacturer Rivian for the electricity from an upgraded RWE wind project in West Texas. The PPA underlines RWE’s ability to support the demand for clean electricity from manufacturing, technology and other energy-intensive sectors.
Under the 15-year PPA, electricity from RWE’s Champion Wind, a 127 megawatt (MW) wind farm in Nolan and Mitchell Counties will help supply Rivian’s fast-charging network, the Rivian Adventure Network, with 100% renewable energy. The project contributes to Rivian’s vision for a carbon-free future and commitment to enable 7 billion miles of renewable driving. The Champion Wind farm is currently undergoing upgrades to install new, state-of-the-art turbine nacelles and blades that will extend the lifetime of the facility. The repowering of Champion Wind will be completed in mid-2025.
Andrew Flanagan, CEO of RWE Clean Energy: “RWE continues to pursue commercial opportunities to partner with leading innovative companies like Rivian to help decarbonize the grid. We are investing in clean energy projects to support the needs of energy-intensive companies, and PPAs like this one with Rivian facilitate those investments.”
Paul Frey, Vice President of Propulsion, Charging & Adventure Products, Rivian: “Champion Wind is a powerful enabler for Rivian drivers to become active participants in building a cleaner grid every time they charge their vehicle. This project shows the potential to meaningfully decarbonize the grid and support a more circular economy through reuse and recovery of existing infrastructure, all while maintaining highly competitive economics. We are excited to add the Champion project and 127 megawatts of clean energy to Rivian’s growing portfolio, connecting Rivian owners to projects that drive meaningful benefits for our climate, conservation and communities.”
Champion Wind was originally commissioned in 2008, and construction began earlier this year to repower the facility. RWE is partnering with M.A. Mortenson Company to build the project. Siemens Gamesa is supplying 41 turbines with new nacelles and blades on existing towers. The nacelles and blades are being manufactured in the US. In addition, as part of the repowering project, the wind farm will have six new Siemens Gamesa turbines rated at 3.1 MW. When Champion Wind resumes operations, it will generate enough electricity to power nearly 1 billion miles of renewable driving every year or the equivalent of 36,000 homes annually in Texas.
RWE is committed to minimizing waste and reusing or recovering materials at its projects. As part of that commitment, RWE is partnering with REGEN Fiber to repurpose the decommissioned wind turbine blades from Champion, helping to ensure they will not end up in landfills. REGEN Fiber is an Iowa-based company that recycles wind turbine blades to produce reinforcement fibers and additives for the construction industry. REGEN Fiber’s 100% recycled reinforcement fibers are then added to concrete, adding strength and durability, while extending infrastructure’s lifespan.
Powering Communities and Fueling Growth
RWE is committed to partnering with the communities in which it owns and operates renewables facilities to ensure long-term economic benefits, employment opportunities and tax revenues to support local schools, law enforcement, fire districts and other essential services. The upgrades to Champion will extend the wind farm’s operating lifetime, ensuring continued support for local communities in Mitchell and Nolan Counties from the approximately $31 million in tax revenue that will be delivered over the next 20 years.
Pictures of the onshore wind farm Champion Wind for media use (credit: RWE) are available at the RWE Media Centre.