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RWE names management, outlines $1.5B investment plan for new renewable business

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Essential Energy Insights - September 17, 2020

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RWE names management, outlines $1.5B investment plan for new renewable business

RWE AG outlined Jan. 17 how it plans to structure and invest in its new global renewable business upon acquiring the renewable segments of E.ON SE and merging it with Innogy SE's own renewable division.

RWE said it expects its renewable business to focus on three technologies, onshore wind, offshore wind and photovoltaic solar, and operate primarily in the Americas, key markets in Europe and the Asia-Pacific region. The company will provide about €1.5 billion annually for investment, according to a Jan. 17 news release.

Following completion of the €40 billion transaction, RWE will have a renewable energy portfolio of 8.6 GW net-owned capacity, making 60% of RWE's generation portfolio able to produce power with low or zero CO2 emissions, the company said.

RWE announced a six-member management team to run three operating divisions at the combined renewable business: Holger Himmel as CFO, Tom Glover as chief commercial officer, Sven Utermöhlen as COO of global offshore wind, Silvia Ortín Rios as COO of onshore wind and solar PV in Americas and Katja Wünschel as COO of onshore wind and solar PV in Europe and Asia Pacific. They will report to CEO Anja-Isabel Dotzenrath.

The companies aim to complete the deal by the end of 2019, in which E.ON, in exchange for its renewable business, will acquire the remaining businesses at Innogy and become focused on regulated energy networks and retail customers.

In December 2018, Innogy called off its U.K. retail business merger with and Scottish energy firm SSE PLC after failing to reach an agreement on certain deal terms.