RWE wraps up acquisition of Innogy's renewable energy ops

Westereems wind farm. Image by: Innogy (www.innogy.com).

July 2 (Renewables Now) - German energy major RWE AG (ETR:RWE) said on Wednesday that its complex asset-swap with rival E.on SE (ETR:EOAN) is now fully completed, creating a massive renewable energy business.

RWE has taken over the renewables operations of former unit Innogy SE, now part of E.on, along with its gas storage businesses and its interest in Austrian energy utility Kelag. The renewables portion of the transaction includes wind, solar, hydropower, biomass and biogas assets.

The transfer also involves 2,700 employees, the announcement says.

After taking over E.on’s own renewable energy activities last autumn as well, RWE ended up with more than 9,000 MW of installed renewables. Now, it intends to invest about EUR 5 billion (USD 5.65bn) in Europe, North America and the Asia-Pacific region to boost its renewables portfolio to more than 13 GW. According to the company, some EUR 1 billion of that will be spent on German projects.

(EUR 1.0 = USD 1.129)

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