RWE's Innogy to acquire Belectric Solar & Battery

Innogy, the new unit of German utility RWE, has unveiled a deal to acquire Belectric Solar & Battery Holding, growing its interests in PV and energy storage.

The transaction is expected to close in early 2017.

In a statement, Innogy says the acquisition will make it an international player in the market for utility-scale solar power plants and battery storage technologies.

“With Innogy we are creating the innovative, decentralised and sustainable energy company of the future,” says chief executive Peter Terium. “The agreed acquisition of Belectric Solar & Battery fits this strategic orientation perfectly.”

Belectric has built more than 1.5GW of utility-scale PV plants and rooftop systems, of which it operates and maintains over 1GW. It has focused efforts on Europe, the Middle East and North Africa, India, South America and the US.

RWE’s Innogy unit includes renewables, grids and infrastructure, and its retail business. The new unit which has temporarily been called RWE International, will from 1 September onwards exclusively be called Innogy.

Reuters reports that Innogy will pay a “high double-digit million euro amount” for Belectric.