“RWE seeks the sun with acquisition”

RWE subsidiary innogy SE is bolstering its position in energy storage and photovoltaics by signing a contract to take over German solar and battery specialist BELECTRIC Solar & Battery Holding GmbH. The takeover “instantly makes innogy an international player on the market for utility-scale photovoltaic power plants and battery storage technologies,” the company writes in a press release. Peter Terium, Chief Executive Officer of RWE AG and innogy SE, said: “We are now combining our complementary strengths and creating additional impetus to successfully implement our projects in Europe and our growth regions – the whole will be greater than the sum of its parts.” In a separate article, Handelsblatt calls the deal with a purchase price in a high double-digit millions of euros “remarkable, given RWE’s difficult financial position.”

Read RWE/Innogy’s press release in English here.

Read the article (behind paywall) in English here.

For background information read the CLEW factsheet RWE’s plans for new renewable subsidiary.