Innogy 'joins utility-scale PV front rank' as Belectric deal closes

Innogy – the renewables arm of Germany’s RWE – claims it has joined the front rank of global utility-scale PV and storage players after completing its acquisition of Belectric Solar & Battery from Belectric Group.

The deal, first announced last August for a “high double-digit million euro” sum, fits with Innogy’s overall strategy, said CEO Peter Terium.

Terium said: “Innogy is a pioneer and trailblazer for efficient, climate-friendly and intelligent energy solutions. However, we were still lagging behind in the field of utility-scale photovoltaic power plants. We’ve now closed this gap.”

He added: “Innogy is now in an ideal position to successfully implement large-scale photovoltaic projects in Europe and our growth regions.”

Innogy’s €5bn IPO largest in Germany since 2000

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Innogy made its debut on the stock exchange in October last year after being set up to be the renewables and grids arm of RWE.

The company has revealed significant ambitions in the US wind, e-mobility and storage sectors – with the Belectric deal a significant part of the latter.

Terium said: “The combination of expertise in renewable energy and battery storage technology solutions will help us keep our energy system stable, despite the increasing influx of fluctuating renewables.”

Belectric itself will continue as a supplier of EPC and O&M services, as well as remaining active as a developer “in regions that are not among Innogy’s target markets”.

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