Rodsand 2

E.ON sold its 80% majority stake in the 207 MW Rødsand II offshore wind farm to Danish consumer-owned energy company SEAS-NVE, announced 13 November 2013. Equity consideration: DKK 1.1 billion for the 80% stake (approximately EUR 147.4m at DKK/EUR ~7.46). SEAS-NVE also assumed project-level debt: at closing, a new DKK 2.1 billion (~EUR 282m) loan was drawn down and proceeds remitted to E.ON, giving total gross cash proceeds to E.ON of DKK 3.2 billion (~EUR 429m). Enterprise value for 100% implied at DKK 3.5 billion (~EUR 469m; EUR 2,266k/MW) per E.ON press release. E.ON retained a 20% minority stake and remained operator. Post-close: SEAS-NVE 80%, E.ON 20%. SEAS-NVE subsequently rebranded as Andel. On equity-only basis: EUR 147.4m / 80% = EUR 184m / 207 MW = EUR 890k/MW (below operational range; reflects high project leverage). On EV basis: EUR 2,266k/MW (within range). DKK/EUR: 7.46 (pegged).

RWE acquired E.ON's residual 20% minority stake in Rodsand 2 as part of the broader RWE/E.ON/Innogy asset swap. Under this agreement (announced March 2018), E.ON acquired RWE's 76.8% stake in Innogy, and in return RWE received E.ON's and Innogy's renewable energy businesses. E.ON transferred its renewable energy assets to RWE in the first tranche (September 2019); the full swap closed 1 July 2020. Rodsand 2 (E.ON's 20% retained stake from the 2013 SEAS-NVE divestment) passed to RWE as part of this package. No separate consideration for Rodsand 2 was disclosed — it was one of many assets in the RWE/E.ON megadeal. Post-close: Andel (formerly SEAS-NVE) 80%, RWE 20%. RWE operates the wind farm. Announced date reflects the RWE/E.ON asset swap announcement (March 2018). E.ON renewable energy assets transferred to RWE in September 2019 (first tranche); full transaction closed 1 July 2020. Total RWE/E.ON deal was a share swap structure (RWE received E.ON 16.67% stake + renewables portfolio).