Innogy, the new unit of German energy group RWE, has agreed to acquire Belectric Solar & Battery to strengthen its position in energy storage and photovoltaics.
innogy and BELECTRIC Holding GmbH have signed a share purchase deal and agreed a purchase price in a high double-digit million euro range.
The transaction, which is subject to approval from anti-trust authorities and reorganizational measures, is expected to be closed by early 2017.
BELECTRIC Solar & Battery designs, installs, operates and maintains photovoltaic plants and develops large scale energy storage solutions. The company has facilities in Germany and India.
It has over 15 years of experience, with more than 280 utility scale PV plants’ installation. The company operates in markets including Europe, Middle East and North Africa, South America and the US.
The acquisition will allow Innogy to transform into an international player in utility-scale photovoltaic power plants and battery storage technologies. Both these portfolios are part of the company’s corporate strategy, which is to contribute to the future decentralised and renewable energy systems.
RWE AG and innogy SE CEO Peter Terium said: “With innogy we are creating the innovative, decentralised and sustainable energy company of the future.
“The agreed acquisition of BELECTRIC Solar & Battery fits this strategic orientation perfectly. Smart battery storage solutions make generating electricity from renewables both more efficient and more secure.
“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.”
Image: The acquisition will transform innogy into an international player in solar and energy storage industries. Photo: Courtesy of RWE International SE.