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RWE to spend EUR 1.5bn annually on renewables

The Nordsee Ost offshore wind park. Source: Innogy (www.innogy.com).

January 17 (Renewables Now) - German energy group RWE AG (ETR:RWE) intends to invest about EUR 1.5 billion (USD 1.7bn) in renewables each year to grow an already imposing portfolio, to be formed through the pending merger of assets held by Innogy SE (ETR:IGY) and E.on SE (ETR:EOAN).

In March 2018, RWE agreed to sell its majority interest in Innogy to E.on, while keeping Innogy’s renewables business and merging it with the green assets of E.on. The move will give RWE ownership of an 8.6-GW renewable energy portfolio that will be housed in a new company with three operating divisions, the group explained on Thursday.

The new RWE renewables arm will focus on the fields of onshore and offshore wind, solar photovoltaic (PV) and energy storage.

In terms of geography, it will do business in the Americas, key markets in Europe and new markets in the Asia-Pacific region. The firm will be engaged in the development, engineering, construction, operation and commercialisation of renewable energy assets.

The table below includes the names of the six officers that will make up the management team of the new company.

Name Position
Anja-Isabel Dotzenrath Chief Executive Officer (CEO)
Holger Himmel Chief Financial Officer (CFO)
Tom Glover Chief Commercial Officer (CCO)
Sven Utermoehlen Chief Operating Officer (COO) Wind Offshore Global
Silvia Ortin Rios Chief Operating Officer (COO) Wind Onshore and Solar PV Americas
Katja Wuenschel Chief Operating Officer (COO) Wind Onshore and Solar PV Europe & Asia-Pacific

As per the complex transaction with peer E.on, RWE said it expects closure by the end of the year. Antitrust approval from the competition authorities should be obtained by the summer.

RWE noted that following completion of the tie-up, about 60% of its overall generation portfolio will produce power with low or zero carbon dioxide (CO2) emissions.

(EUR 1.0 = USD 1.139)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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