RWE looking to invest €1.5bn in renewables annually

The Chief Executive Officer of German utilities company RWE has revealed that the company is looking to pledge €1.5bn for investments in green energy, according to German media outlet Rheinische Post.

The reveal comes three months after RWE announced plans to break up Innogy and divide its assets, with E.ON acquiring RWE’s 76.8% controlling stake in the business unit, whilst RWE is then set to gain E.ON’s renewable assets, Innogy’s renewable assets and a 16.67% stake in E.ON itself.

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As a result of the deal, RWE will become the third largest renewable energy business across Europe, and the second biggest operator of wind power.

Further, the earmarked annual funds will only continue to bolster RWE’s position in the market as the firm looks to move readily into the renewables sector.

“After completion of the transaction we want to invest, and financially we can do so. We have €1.5bn a year available for green energy then,” said Rheinische Post quoting Rolf Martin Schmitz, as cited by Reuters.