RWE to supply electricity to Rivian charging network in 15-year deal

German power provider RWE (OTCPK:RWEOY) said Thursday it signed a 15-year power purchase agreement with electric vehicle manufacturer Rivian (NASDAQ:RIVN) for the electricity from its Champion Wind project in Texas; financial terms were not disclosed.

The wind farm is currently undergoing upgrades to install new turbine nacelles and blades to help extend the lifetime of the facility, which is expected to be completed in mid-2025.

Champion Wind was commissioned in 2008, and construction began earlier this year to repower the facility; Siemens Gamesa is supplying 41 turbines with new nacelles and blades that are being manufactured in the U.S.

“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,” RWE (OTCPK:RWEOY) CEO Andrew Flanagan.

Separately, the Danish Energy Agency granted permission for RWE (OTCPK:RWEOY) to build its planned Thor North Sea wind farm, which will be Denmark’s largest offshore wind farm to date.