RWE storage acquisition a ‘strategic fit’

The chief executive of RWE, Peter Terium, says the pending acquisition of German solar and battery specialist Belectric Solar and Battery Holding perfectly complements the strategy the company is trying to achieve.

Both the firms have signed a share purchase deal and agreed a purchase price in a high double-digit million euro range but the deal must wait for approval from EU anti-trust authorities before completion, something the company told Power Engineering International it sees as merely a formality.
Peter Terium
RWE Innogy CEO Terium said, “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. We are acquiring an innovative company that has built up an international strong market position. 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.”

Belectric Solar & Battery designs, installs, operates and maintains utility scale photovoltaic (PV) plants. It has also been active in the field of large-scale battery storage solutions.

The company manufactures its technology products in Germany and India. It has constructed over 280 utility-scale PV plants with an installed capacity of 1.5 GW.

RWE Innogy is positioning itself to become an important contributor in the expansion and decentralisation of renewable energy system in the future. The company signposted its ambitions in grid development earlier this summer.

A decision by the EU is expected in early 2017 and Sabine Jescke, RWE spokesperson told Power Engineering International the scrutiny from Bruseels is routine practice.

“It is part of the usual process. We currently have very little industrial scale solar PV. That makes the deal so interesting for us. On the other hand Belectric is growing beyond their means so this motivates the deal for them.”

“We have a minority stake in Endesa Spain , 15 MW in Hungary, but that is it. That is why it’s interesting for us as we wish to be an international player in industrial size PV.”

“They will check (on anti-trust) it but we do not see an issue.”

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