The company’s aim is to grow the business in Great Britain and continental Europe. Therefore, the company plans to invest about E1 billion annually. All investments will be based on the group’s standard profitability requirements.
RWE Innogy will be managed by Fritz Vahrenholt as CEO, who will be responsible for water, biomass, R&D and the forward-looking venture capital business, which will explore opportunities linked to companies in the emerging renewable technologies sector.
As COO, Kevin McCullough will look after all of the company’s onshore and offshore wind power activities. Hans Bunting will be in charge of finance as CFO. RWE Innogy plans to recruit more than 100 new employees, primarily in Germany before the end of 2008 to support the achievement of its renewables expansion targets.
Mr Vahrenholt said: With RWE Innogy, we aim to markedly increase the value of RWE because the planned investments will improve the carbon dioxide position of the group and significantly extend its business scope. Overall, this will open up fresh growth opportunities for RWE.
