RWE targets 2-3GW of new renewables per year

RWE plans to add between 2GW and 3GW of new clean energy capacity a year as it launches its new renewables division.

RWE's headquarters in Essen, Germany
RWE's headquarters in Essen, Germany

RWE Renewables will focus on onshore and offshore wind as well as solar PV and storage, it stated. It will target the Americas, "core markets" in Europe and "new markets" in Asia-Pacific.

This 2-3GW annual expansion will be driven by net annual investment of around €1.5 billion. However, it is not clear how long these expansion targets are due to last.

RWE is currently active in wind power in the US, Brazil, Ecuador, Honduras and Chile in the Americas; the UK, Germany, the Netherlands, Belgium, Austria, the Czech Republic and Spain in Europe; and Vietnam in Asia-Pacific, according to Windpower Intelligence, the research and data division of Windpower Monthly.

RWE had previously announced a new management team to lead its newly created renewables division as it prepares to integrate the clean energy segments of Innogy and E.on.

As a result of the impending acquisitions, RWE will become one of the largest renewable energy operators with 8.6GW of net-owned capacity.

Markus Krebber, chief financial officer of RWE, said: "2019 is an exciting year for RWE as we prepare to integrate the renewables divisions of Innogy and E.on into a single organisation.

"At the same time, we want to keep the profitability of our operations in conventional generation stable."

RWE will acquire a 16.67% "effective participation" in E.on, while E.on will receive an 86.2% stake in Innogy in a deal announced in early 2018.

Innogy owner RWE will receive the renewable assets and gas storage business of its subsidiary and E.on, while E.on will only buy Innogy’s grid and retail business.

The European Commission (EC) approved RWE’s acquisition of E.on's electricity generation assets in February. Germany’s Federal Cartel Office also cleared the acquisition.

However, the EC has launched a probe into whether E.on’s takeover of Innogy will reduce competition in retail markets.

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