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.
Leading ‘Solar Module Super League’ supplier, JinkoSolar has teamed with experts from TÜV NORD and Soltec to provide as usual a technically driven PV Tech ‘TechTalk’ series webinar to further understand the Tiger PRO modules impact on LCOE metrics. Register free now.
PV Tech is hosting a TechTalk Product Series webinar with LONGi Solar to help PV project developers, asset owners and interested parties become aware of the latest in utility-scale PV panel technology, performance and size that is redefining LCOE metrics.
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability.