Released September 01, 2016 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--German energy giant RWE AG (XETRA:RWE) (Essen, Germany) is buying its way into the growing energy storage sector with the planned purchase of fellow German solar and storage company, Belectric Solar & Battery Holding GmbH (Kolitzheim, Germany).
The deal, subject to European Union (EU) approval, is for an undisclosed sum, but the companies said they have signed a share purchase agreement and a have agreed on a purchase price "in a high double-digit million euro range". Belectric will become part of innogy SE, the company's newest energy division. Earlier this year RWE, in an effort boost revenues and cut costs, completed the creation of the new subsidiary to cover renewable energy, electricity grids and retail operations. It will have an expected turnover of 40 billion euro ($45.4 billion) and employ around 40,000 employees. For additional information, see April 5, 2016, article--RWE Launches New Renewable Energy Business.
Belectric designs, installs, operates and maintains utility-scale photovoltaic plants as well as being a key player in the budding large-scale battery storage arena. The company has built more than 280 utility-scale photovoltaic plants and roof-top systems with a total installed capacity of more than 1.5 gigawatts peak (GWp).
"With innogy we are creating the innovative, decentralised and sustainable energy company of the future," stated RWE innogy Chief Executive Officer Peter Terium. "Smart battery storage solutions make generating electricity from renewables both more efficient and more secure. We are acquiring an innovative company that has built up an international strong market position. We are now combining our complementary strengths and creating additional impetus to successfully implement our projects in Europe and our growth regions--the whole will be greater than the sum of its parts."
Belectric Chairman Bernhard Beck, one of the pioneers of the German solar industry, added: "With innogy, an established European energy company is acquiring our trail-blazing business for solar energy and battery solutions. Thereby, the focus is further on sustainable business development for the benefit of our customers and employees."
News of the deal announcement comes just days after Belectric was announced as one of eight companies to win a contract in the world's first energy-storage auction in the U.K.. Belectric won a contract to provide 10 megawatts (MW) of the 200 MW of grid-scale battery storage bought by the country's system operator, National Grid. For additional information, see August 31, 2016, article--UK Bets Big on Battery Power.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The deal, subject to European Union (EU) approval, is for an undisclosed sum, but the companies said they have signed a share purchase agreement and a have agreed on a purchase price "in a high double-digit million euro range". Belectric will become part of innogy SE, the company's newest energy division. Earlier this year RWE, in an effort boost revenues and cut costs, completed the creation of the new subsidiary to cover renewable energy, electricity grids and retail operations. It will have an expected turnover of 40 billion euro ($45.4 billion) and employ around 40,000 employees. For additional information, see April 5, 2016, article--RWE Launches New Renewable Energy Business.
Belectric designs, installs, operates and maintains utility-scale photovoltaic plants as well as being a key player in the budding large-scale battery storage arena. The company has built more than 280 utility-scale photovoltaic plants and roof-top systems with a total installed capacity of more than 1.5 gigawatts peak (GWp).
"With innogy we are creating the innovative, decentralised and sustainable energy company of the future," stated RWE innogy Chief Executive Officer Peter Terium. "Smart battery storage solutions make generating electricity from renewables both more efficient and more secure. We are acquiring an innovative company that has built up an international strong market position. We are now combining our complementary strengths and creating additional impetus to successfully implement our projects in Europe and our growth regions--the whole will be greater than the sum of its parts."
Belectric Chairman Bernhard Beck, one of the pioneers of the German solar industry, added: "With innogy, an established European energy company is acquiring our trail-blazing business for solar energy and battery solutions. Thereby, the focus is further on sustainable business development for the benefit of our customers and employees."
News of the deal announcement comes just days after Belectric was announced as one of eight companies to win a contract in the world's first energy-storage auction in the U.K.. Belectric won a contract to provide 10 megawatts (MW) of the 200 MW of grid-scale battery storage bought by the country's system operator, National Grid. For additional information, see August 31, 2016, article--UK Bets Big on Battery Power.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
