RWE Renewables Sells Belectric’s European and Israeli Businesses to Elevion Group

Source: www.gulfoilandgas.com 12/17/2021, Location: Europe

RWE Renewables has agreed to the sale of Belectric’s European and Israeli businesses to the Elevion Group B.V. (Elevion). The Netherlands based energy service provider is part of the CEZ Group – one of the ten largest energy companies in Europe.

The sale concerns subsidiaries of Belectric Solar & Battery, which operate as a provider of third party solar engineering, procurement and construction (EPC) as well as operations and maintenance (O&M) services. The battery storage business is not included within the transaction and will remain part of the RWE Group. The know-how in battery system development and system integration as a key capability will play an important role in delivering RWE’s growth ambitions in the field of battery storage. RWE is already involved in projects representing an installed battery capacity of more than 0.6 gigawatts (GW), and this figure is to grow to 3 GW by 2030.

RWE is continuing to expand its global solar business through a well-stocked development pipeline of 10 GW of solar projects, which are in various stages of development. Currently, the company is in the process of realising solar plants with a total capacity of 1.2 GW. The decision to sell the third party service provider Belectric aligns with RWE’s solar strategy, which sees itself as an asset owner with a clear focus on project development and operation. The construction of solar plants will be contracted.

The business units specifically involved in the transaction with Elevion are: Belectric GmbH, Belectric France, Belectric Solar, Belectric Italia and Belectric Israel. As a part of the Elevion Group, Belectric will continue to operate as a developer and service provider in the solar sector. Both parties agreed to keep the financial terms of the transaction confidential.


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