RWE Renewables grows pipeline to 20GW

RWE Renewables has grown its clean energy pipeline to around 20GW in the first few weeks after completing its acquisition of Innogy and E.on's portfolios, the developer announced.

RWE Renewables currently has a portfolio of more than 9GW of clean energy projects

Its pipeline was boosted by the acquisition of new wind and solar projects in the US, the UK and Poland.

RWE has also signed new contracts with project partners since completion of the asset swap deal in late September, it stated.

The operator plans to expand its renewables portfolio with annual net investments of up to €1.5 billion.

RWE Renewables has about 2.6GW of projects - including 1,553MW of onshore wind and 508MW of offhsore wind - currently under construction, the operator stated.

Its chief financial officer Markus Krebber said: "Our finances have put us back in a position to achieve growth — above all in the renewable energy business where we have formidable prospects."

RWE upgraded its expectations for full-year adjusted Ebitda to €1.8-2.1 billion, up from €1.4-1.7 billion, and for full-year net income to €0.9-1.2 billion, up from €500-800 million, citing "positive developments" in its operating activities and the reinstatement of the British capacity market.

It recorded €1.5 billion of adjusted Ebitda in the first nine months of the 2019, up from €1.3 billion one year earlier, and adjusted net income of €854 million, up from €645 million in the same period in 2018.

The impact of the combination with E.on is not realised in the most recent figures. 

The European Commission and then the UK government recently approved the reinstatement of the power capacity market scheme, through which utilities are compensated for making capacity available regardless of whether generation is delivered.