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RWE Closes Deal with E.ON

Source: www.gulfoilandgas.com 7/1/2020, Location: Europe

Rolf Martin Schmitz, CEO of RWE AG: "This is the day we have been working towards for two years. The new RWE has been completed. It is a new, bigger and more diverse company, with a clear goal. By 2040, we will be carbon neutral. This will take us far beyond what other companies are aiming for. Our team has an outstanding position – with a strong renewables business, which is channelling all its energy towards growing internationally and can now hit the ground running. With a fleet of flexible and conventional power stations, which build a reliable bridge to the new energy era. And with energy trading operations with the expertise to seize opportunities on global energy markets."

Final step of one of the largest transactions in German industrial history: today, the major asset swap between RWE and E.ON is finally completed, as RWE takes over the innogy activities. As a result the wind, solar and hydropower businesses as well as the biomass, biogas and gas storage activities are transferred to RWE. Another asset which is being transferred today is innogy's stake in the Austrian power utility Kelag, which supplements the portfolio perfectly with its hydroelectric power business. In the autumn of 2019, RWE acquired E.ON's renewable energy activities, and now the last step is being taken by integrating innogy's operations.

Markus Krebber, CFO of RWE AG, who spearheaded the integration project, is extremely pleased: "We have a wonderful starting point: a huge worldwide renewables portfolio, two teams that complement each other perfectly with many years of experience, and a strong investment programme. This will enable us to strengthen our leading position in the market even further."

RWE ranks among the world's largest producers of renewable energy. RWE plans net investments of approximately €5 billion in Europe, North America and Asia/Pacific, in order to enlarge its existing renewable energy portfolio to over 13 gigawatts. €1 billion of this sum is envisaged for projects in Germany. In the course of the takeover about 2,700 employees are transferring from innogy to RWE.

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