Commerzbank, RWE sign MoU for offshore wind power fund

A Commerzbank logo is pictured before the bank’s annual news conference in Frankfurt, Germany, February 9, 2017. REUTERS/Ralph Orlowski

BERLIN, June 20 (Reuters) – German lender Commerzbank (CBKG.DE) on Monday said it had signed a memorandum of understanding with utility RWE (RWEG.DE) to create a fund giving German medium-sized industrial firms access to electricity generated by offshore wind power.

RWE, which will build and operate a wind farm with capacity of around one gigawatt (GW), will hold 51% of the farm’s shares and the remaining 49% will be offered to medium-sized companies interested in participating in the fund.

Medium-sized firms will also have the option of securing long-term purchase agreements of power generated via the farm, Commerzbank said in a statement.

Reporting by Riham Alkousaa, editing by Rachel More

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