RWE, a German energy company, has agreed to acquire the 1.4 GW Magnum gas-fired power plant in the Netherlands from Vattenfall for $534 million. Magnum has been in operation since 2013 at Eemshaven, in the Dutch province of Groningen. Reportedly, the power plant is ‘hydrogen-ready,’ which means it can run on hydrogen partially or completely.

The deal is scheduled to be completed by September 2022. The power plant is within the vicinity of RWE’s existing 1.5 GW coal-and biomass-fired power plant in Eemshaven. With the completion of this deal, RWE aims to enhance its Eemshydrogen project cluster, which has been in development since 2020. RWE could equip the Magnum and Eemshaven power plants with carbon capture advancements, making the site not only carbon neutral but also carbon negative. Vattenfall plans to invest the proceeds from the divestiture in fossil-free energy projects like offshore wind and district heating and cooling.

In May 2022, RWE Renewables began commercial operations at its El Algodon Alto onshore wind farm in Texas’ San Patricio County. The 200 MW onshore wind plant, which is part of the Electric Reliability Council of Texas (ERCOT) south market, is equipped with 91 Vestas wind turbines. The onshore wind farm will generate enough electricity to power over 60,000 homes.