RWE’s Innogy SE unit says it will “instantly” become an international player in the utility-scale PV and battery storage markets after buying German firm Belectric Solar.
RWE’s Innogy SE unit says it will “instantly” become an international player in the utility-scale photovoltaic (PV) and battery storage markets after buying German firm Belectric Solar & Battery Holding GmbH.
Innogy has agreed to pay “a high double-digit million euro range” price for Belectric, which is part of Belectric Group and which designs, installs and operates PV plants and large-scale battery installations around the world.
RWE said in a statement that the acquisition is in line with Innogy’s strategy to expand in the field of decentralized, renewable energy systems.
“Smart battery storage solutions make generating electricity from renewables both more efficient and more secure,” said Peter Terium, CEO of RWE and Innogy SE. “In Belectric 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 has built more than 280 utility-scale PV plants and roof-top systems with a total installed capacity of more than 1.5 GW peak (GWp). In addition, it is responsible for the operation and maintenance of solar plants with a total output capacity of more than 1 GWp.
It operates in Europe as well as growth markets in the MENA region as well as India, South America and the USA, Innogy said.
The deal, which requires regulatory approval, is expected to close in 2017.