RWE’s Innogy to expand into US market

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
RWE's new IPO innogy has set out plans to penetrate the US market with wind projects and electric vehicle charging. Source: RWE

After the recent IPO, RWE’s renewable energy subsidiary Innogy has decided to expand into the US market, according to local reports.

Innogy CEO Peter Terium told German news outlet Welt am Sonntag: “We want to invest around €6.5 billion between 2016 and 2018,” adding that much of the investment will be diverted into networks and infrastructure. But in addition, Innogy plans to build wind farms in the US, for the first time.

“Innogy is looking for conditions with which we have already gained experience in Germany: smaller parks on areas with difficult wind profiles. There are not many companies that can build a profitable wind farm under such conditions.”

Innogy, which was spun off from Germany energy utility RWE with a stock market listing earlier this week, also sees an opportunity to push electric vehicles in the US market thanks to regulatory backing. “Three weeks ago, we were able to convince the Californian regulatory authority to adopt the technical standards and standards from Germany in the case of charging columns for electric cars,” Terium told the Welt am Sonntag.

California is in fact one of the world’s leading markets for “electric mobility” as pointed out by the Welt am Sonntag; particularly as the state recently introduced several bills for the acceleration of energy storage and EV. Innogy, which has reportedly installed more than 3,100 electric car charging stations in Germany sees the accommodating regulatory framework in California as an opportunity to set a precedent for other German carmakers. 

Solar Media is hosting the third Solar Finance & Investment USA conference in New York on 25-26 October 2016.

Read Next

January 26, 2022
Proposed changes to California’s net metering (NEM) incentive programme will severely reduce residential PV’s value proposition in the state, cutting its solar market in half by 2024, Wood Mackenzie has warned.
January 26, 2022
Home security giant ADT is evolving from a security company to a smart home company, with around 80% of its revenue coming from its smart home business, said its president and CEO Jim DeVries
January 26, 2022
Shares in ‘Solar Module Super League’ (SMSL) member JinkoSolar’s operating subsidiary surged on the company’s Shanghai stock market debut, closing at more than double their listing price.
January 24, 2022
More than 260 companies in the US clean energy sector are demanding urgent action on the US$1.75 trillion Build Back Better (BBB) Act, claiming that US$2 billion is being lost in economic activity every month the long-awaited bill is delayed.
January 24, 2022
Polysilicon producer Daqo New Energy is expecting a five-fold increase in net profit from its Xinjiang subsidiary as it continues to progress expansion plans.
January 24, 2022
The average cost of forecasting errors in the US is lower than previously thought at less than US$1/MWh, according to a study by Berkeley Lab that employed a new, publicly available method to examine the practice.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany