RWE maps out planned expansion in renewables, US in focus – report

German utility RWE expects to spend heavily in the US green energy market as it maps out its future in global renewables after its pending asset swap with peer E.ON, Tom Käckenhoff, David French, and Vera Eckert report for Reuters. “We expect to spend several billions of euros on the expansion of the US renewables business in the next few years,” chief financial officer Markus Krebber told Reuters in an interview. Globally, “we will invest more than 1.5 billion euros (per year), and this could be as much as 2.5 billion euros with partners’ money,” Krebber said. “RWE is trying to shed its image as coal-heavy, closing many of its German plants in return for compensation that is yet to be negotiated, and has demonstrated the bulk of its future profits will come from renewables,” the article says.

RWE will take over the renewable energy activities of subsidiary Innogy and of E.ON in the asset swap. This will make RWE Europe’s third-biggest renewables company and one of the world’s top five, with installed capacity of 10 gigawatts, according to Reuters.