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RWE to jump into large solar segment, bid in Dubai

German energy group RWE AG (ETR:RWE) plans to use the proceeds from the planned listing of a new, renewables-focused unit to expand in new markets and to enter the large-scale solar power segment

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Renewable, Renewable energy, Renewable energy technology, Rwe, News

German energy group RWE AG (ETR:RWE) plans to use the proceeds from the planned listing of a new, renewables-focused unit to expand in new markets and to enter the large-scale solar power segment.

In a statement on Wednesday, the group said that its existing renewables arm, RWE Innogy, expects to post an operating result for 2015 that is more than double the one recorded in the prior year. RWE Innogy’s CEO Hans Buenting commented that the firm will now concentrate on increasing shares in projects, growing organically in on- and offshore wind, extending its activities into new markets and adding photovoltaic (PV) projects to its portfolio.

At present, RWE Innogy has just 1 MW of operating solar power capacity at a facility in Germany, but plans a separate business area for large PV developments that will focus investments on the Middle East, North Africa and Turkey (MENAT).

RWE also confirmed that in late 2015, alongside the project development division of Chinese solar modules maker JinkoSolar, it has qualified to bid in the tender for the 800-MW phase III of the Mohammed bin Rashid Al Maktoum solar complex in Dubai. The two parties have set up a joint venture, in which RWE owns 51%.

As per wind power, the group said it sees growth opportunities for onshore wind in new markets such as Ireland, the US and the MENAT region.

At the very start of December, RWE unveiled a plan to spin off its renewables, grids and retail operations into a new company, which would seek floating a 10% stake on the stock market in late 2016. “According to current planning, over half of the proceeds of the flotation will be earmarked for the further expansion of renewable energies,” said RWE CEO Peter Terium.

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