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Germany

Germany

RWE eyes renewables expansion

GERMANY: RWE Innogy will expand its renewables business by entering new markets and developing large-scale solar on the back of its reorganisation and a doubling of profits.

RWE's 295MW Nordsee Ost offshore project forms part of its 3.6GW renewables portfolio
RWE's 295MW Nordsee Ost offshore project forms part of its 3.6GW renewables portfolio

The renewables arm of the German utility said it expects profits to double in 2015 when it releases its annual results in March.

This follows the announcement in December that RWE will incorporate renewables, grid and retail operations into a new subsidiary, 10% of which will be sold on the stock exchange.

The new company will be responsible for RWE's 3.6GW of renewable energy capacity, a distribution network of more than 500,000 kilometres and the utility's 23 million customers.

RWE Group CEO Peter Terium said more than half of the funds raised on the IPO will be invested into new renewable projects.

"We will maintain our current successful course and examine the technologies and regions in which we can grow. Overall, we see four major pillars for further growth: increasing shares in projects, organic growth in onshore and offshore wind, entry into new markets and expanding the portfolio to include large PV projects," said Hans Bunting, CEO of RWE Innogy.

RWE will target new markets, including onshore wind in Ireland and the US, and expand in to large-scale solar in the Middle East, North Africa and Turkey, it said.

The company said it had qualified for an 800MW solar tender in the United Arab Emirates as part of a consortium with Chinese firm JinkoSolar.

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