As Recharge reported last month, RWE is reining back its renewables ambitions to reflect the reduced availability of investment funds.

The group is struggling under a debt burden of €33bn ($43bn), and today announced plans to sell its oil and gas exploration business to give itself some financial breathing space.

Renewables division RWE Innogy will now invest about €1bn this year and €500m over the next two years.

“This