Wednesday 31 August 2016

RWE to buy German solar and storage specialist

RWE’s renewable arm has signed a share purchase agreement with a German solar and storage specialist.

The takeover of BELECTRIC Solar & Battery Holding is subject to approval by the anti-trust authorities and is expected to be completed in early 2017.

The solar developer has built more than 280 plants with a total capacity of 1.5GW worldwide.

RWE innogy expects the deal to make it an international player on the market for utility-scale solar power projects and battery storage technologies.

The companies have agreed a purchase price “in a high double-digit million euro range”.

Peter Terium, CEO of RWE AG and innogy SE: “With innogy we are creating the innovative, decentralised and sustainable energy company of the future. The agreed acquisition of BELECTRIC Solar & Battery fits this strategic orientation perfectly. Smart battery storage solutions make generating electricity from renewables both more efficient and more secure.”