E.ON and RWE to Complete Renewables Switch by 2019
The transfer of the renewable energy business from E.ON and innogy to RWE is expected to be completed by the end of 2019, E.ON and RWE said in joint a statement.
As previously reported, E.ON agreed to acquire RWE’s 76.8 percent stake in innogy in return for granting RWE an effective participation of 16.67% in E.ON.
E.ON will also make a voluntary public takeover offer in cash to the current minority shareholders of innogy.
Under the agreement, the renewables businesses of E.ON and RWE would be brought together under the umbrella of RWE.
Following the completion of the transaction, RWE will operate approximately 8GW of renewable energy assets, including offshore and onshore wind as well as hydro and photovoltaics.
RWE will thereby become number three in Europe in the renewable energy business as a whole, and number two in wind power, the companies said.
The two renewables businesses of more than 2,500 employees will be brought together within the RWE group alongside RWE’s existing segments, according to the statement.