German power major RWE AG (ETR:RWE) has acquired JBM Solar, a UK-based project developer with a pipeline of 3.8 GWac of solar and 2.3 GWac of battery storage projects, in a push to further strengthen its position on the key market.
Most of the projects in JBM Solar's portfolio are located in the central and southern regions of England. The portfolio includes developments with grid connections and secured land as well as schemes with the necessary planning approvals in place and awaiting final investment decisions.
About 450 MWac of solar and battery storage plants are expected to be put into operation annually with the first projects scheduled to go online as early as the end of 2024.
The acquisition of the London-based business also adds 30 professionals to RWE's team.
“We are already well positioned in offshore and onshore wind in the UK. Now we are significantly strengthening our renewables business by adding this already very advanced solar and battery pipeline," commented Katja Wuenschel, CEO Onshore Wind and Solar Europe & Australia of RWE Renewables.
RWE is a major player in the UK wind energy market with a combined onshore and offshore pro-rata capacity of more than 2.6 GW in operation and further offshore wind projects under construction or development. Overall, the German group will invest EUR 15 billion (USD 16.02bn) by 2030 in renewable energy in the UK which is one of its key markets.
The deal about JBM Solar comes only a day after RWE closed the acquisition of New York-based Con Edison Clean Energy Businesses Inc and launched a US-based subsidiary with 8 GW of renewable energy assets and a development pipeline exceeding 24 GW.
(EUR 1 = USD 1.068)
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