Search

Wind Power

Wednesday
18 Sep 2019

‘New RWE’ Plays A Major Roleon World-leading Renewables Position

18 Sep 2019  by PVTech/Liam Stoke   

 
German power major RWE has reiterated its commitment to becoming one of the world’s largest developers of solar, wind and energy storage after the European Commission green-lit its proposed asset swap with E.On.

The asset swap, which has been in the pipeline for more than a year, will see RWE acquire the renewable energy development business of both E.On and its former group company innogy.

The transaction will see RWE pivot away from networks and focus almost entirely on power generation, and chief executive Rolf Martin Schmitz today restated the company’s intent to become one of the world’s leading renewable energy companies.

“Today, Brussels paved the way for the ‘new RWE’,” Schmitz said, adding that the firm intended to make annual investments of €1.5 billion (US$1.6 billion) to “consolidate and further strengthen" this position. “Now we are putting all our energy into tackling this task,” he added.

RWE’s starting capacity will amount to 9GW, and the German power giant has set solar, wind and energy storage developments firmly in its crosshairs.

It said its project pipeline is “well fitted” with a view to strengthening its renewable base, and the firm wants to “consistently build” on its existing position.

“Scale plays a major role in achieving success when competing in the field of renewable energy at a global level. We are powerful enough for this market – in terms of financial strength, strategy and personnel,” added Markus Krebber, CFO at RWE.

Keywords

More News

Loading……