E.ON has transferred its renewables business, E.ON Climate & Renewables, to RWE as part of the transaction to acquire and integrate innogy.
Back in March 2018, RWE and E.ON entered into an agreement by which E.ON is taking over RWE’s 76.79% stake in innogy, whereas RWE is obtaining among other things all of E.ON’s major renewable energy activities and innogy’s renewable energy business, as well as a 16.67% minority stake in E.ON.
RWE has now taken over a total of 9GW of renewables projects worldwide either complete or under development, from E.ON. Out of the 9GW E.ON built with partners partially, approximately 6.8GW are owned by E.ON. 1,500 employees were transferred with these assets to RWE.
“Combined at RWE, E.ON and innogy’s renewables businesses will be an attractive platform with lots of development potential. I’d like to thank our colleagues at E.ON Climate & Renewables led by Anja Dotzenrath for their outstanding work. I’m certain that being part of RWE will give them the best possible conditions for continuing the successful development of the renewables business,“ E.ON CEO Johannes Teyssen said.
“E.ON will remain closely involved with renewables, which we firmly believe will be the mainstay of tomorrow’s energy supply. In our network territories in Germany, we connect more than 90 percent of newly built wind and solar facilities to the energy system.”
Another step of the transaction will be for E.ON to transfer innogy’s renewables business to RWE. This will take place as soon as possible in 2020, the company said.
The renewable energy portfolios of E.ON and innogy, combined to form RWE Renewables, will have an installed capacity of more than 9GW once the innogy transaction is completed. Added to this are further assets with a combined capacity of 2.6GW under construction that will be completed in the near future. The transaction will make RWE the second-largest offshore wind operator.
RWE will also provide an annual EUR 1.5 billion in net capital expenditure for both offshore and onshore wind turbines as well as photovoltaics and storage. Project partnerships have the potential to increase total investment to between EUR 2 and 3 billion per annum, the company said.