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RWE on the ‘home straight’ of establishing renewables powerhouse

Image: Rolf Martin Schmitz, chief executive at RWE.

Image: Rolf Martin Schmitz, chief executive at RWE.

Global energy giant RWE is on the “home straight” of its asset swap with E.On and establishing itself as a renewables powerhouse, the company said today.

And the ‘new RWE’ is to invest around €1.5 billion (£1.3 billion) each year to build out between 2 and 3GW of new renewables capacity globally.

In a company update published this morning, RWE chief Rolf Martin Schmitz described the E.On transaction as proceeding well, stating it to be on track to complete in the second half of this year.

“This means we’re on the home straight towards creating the ‘new RWE’, which will have excellent prospects on the global markets,” he said.

In a transaction first announced early last year, RWE will take control of the large-scale renewables operations of both E.On and innogy, forming one of the world’s largest renewable energy companies.

Earlier this year it confirmed its team and focus areas, specifically targeting growth in wind, PV and battery storage in the Americas, Europe and new Asia-Pacific markets.

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