innogy signs contract to acquire BELECTRIC Solar & Battery

08/29/2016 | Print view

BELECTRIC has installed PV plants internationally with more than 1.5 GW. - © BELECTRIC — © BELECTRIC

BELECTRIC has installed PV plants internationally with more than 1.5 GW.

innogy SE is expanding into the area of utility-scale PV and battery storage. The new renewable subsidiary of RWE AG signed a contract to acquire BELECTRIC Solar & Battery Holding GmbH. The transaction is intended to be closed at the beginning of 2017.

innogy and BELECTRIC Holding GmbH have signed a purchase agreement. The parties have agreed a purchase price in a high double-digit Euro range innogy announced today. Closing of the transaction is intended to take place in early 2017. Innogy SE is temporarily called RWE International SE until the beginning of September 2016.

BELECTRIC O&M of more than 1.0 GW

BELECTRIC has built PV systems with a total capacity of more than 1.5 GW. It is also responsible for the operation and maintenance (O&M) of solar plants with more than 1.0 GW internationally.

Innogy with expected 40,000 employees

innogy started operations on 1 April 2016. Based on combined financial statements for 2015, the company has a revenue of around € 46 billion and is expected to employ around 40,000 out of a total of around 60,000 employees of RWE Group.

Expanding decentralised, renewable energy business

Peter Terium, CEO of RWE AG and innogy SE: “With innogy we are creating the innovative, decentralised and sustainable energy company of the future.” Bernhard Beck, Executive Chairman of BELECTRIC Holding added: “With innogy, an established European energy company is acquiring our trail-blazing business for solar energy and battery solutions. Thereby, the focus is further on sustainable business development for the benefit of our customers and employees”. (HCN)