June 25, 2018 Read More →

Germany’s RWE planning $1.75 billion in annual green energy investments

Reuters:

FRANKFURT—German utility RWE is earmarking 1.5 billion euros ($1.75 billion) a year for investments in green energy following a deal to break up its Innogy unit, its chief executive told a German newspaper.

“After completion of the transaction we want to invest, and financially we can do so. We have 1.5 billion euros a year available for green energy then,” Rheinische Post on Saturday quoted Rolf Martin Schmitz as saying.

RWE and E.ON in March unveiled comprehensive plans to break up Innogy and divide its assets, turning RWE into Europe’s second-largest wind utility and E.ON into Europe’s largest operator of gas and power networks.

The Innogy deal, which will take place in several steps due to its complex structure, is progressing well, Schmitz said. “We are in touch with the antitrust regulators of various countries and are fully on track. I expect that E.ON and RWE will receive all approvals in 2019 and the deal can be completed,” he told the paper.

More: RWE CEO eyes 1.5 billion euros annual investment in green energy

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