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E.ON completes transfer of renewables business to RWE

German utility E.ON SE announced Oct. 1 that it completed the transfer of its renewables business to RWE AG as part of a complicated asset swap between the two companies.

E.ON's renewables business, E.ON Climate & Renewables GmbH, owns a portfolio of battery, solar and wind projects at various levels of development.

Also pursuant to the asset swap, E.ON closed its acquisition of 76.8% stake in innogy SE from RWE on Sept. 19. The German utility is planning to integrate innogy by buying out the company's remaining minority shareholders.

E.ON will also transfer innogy's renewables business to RWE in 2020, according to a company news release.