German utility RWE has been transitioning its business towards renewable energy as of late, with the acquisition of Belectric Solar & Battery one of the most significant moves that it has made in that direction. The deal has been struck with its renewable energy subsidiary innogy SE, which had and will remain to be known as RWE International SE until early September 2016.
innogy announced that the acquisition for the German solar and battery specialist is costing somewhere in the high double-digit million euro range and is expected to be fully completed by the beginning of 2017.
The company has said that the purchase sets the correct course for future growth, as it looks to expand its decentralized and renewable energy business in the face of a changing global energy industry. This fits in with news coming from RWE earlier this year that the profitability of its nuclear, coal and gas energy plants decreased by 45%, while its operating profit in the renewable energy sector more than doubled during the same period.
With innogy we are creating the innovative, decentralized and sustainable energy of the future, commented RWE AG and innogy SE CEO Peter Terium. The agreed acquisition of Belectric Solar & Battery fits this strategic orientation perfectly. Smart battery storage solutions make generating electricity from renewable both more efficient and more secure.
Belectric is considered to be the perfect acquisition for the company, considering its extensive experience in the design, installation, operation and maintenance of utility? scale PV plants, and in development of battery storage solutions. In total, the company has developed and installed over 1.5 GWp of solar PV.
In acquiring Belectric, we are bolstering our skills in the area of renewables and acquiring extensive expertise as well as many years of operational experience with solar technology, said Chief Operating Officer Renewables of innogy SE Hans Bünting. The experienced team at Belectric will contribute to taking Innogy forward with large-scale solar projects. innogys project pipeline in the area of solar aligns very well with the projects Belectric wants to realize in the next few years.