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RWE’s asset swap with Eon will transform the German energy giant into a “renewables supermajor”, according to a senior figure at the company.
Speaking on the sidelines at the Utility Week Energy Summit in London, RWE Generation chief commercial officer Tom Glover said renewables will provide around 60 per cent of its annual earnings following the transaction.
Along with other forms of low-carbon generation, they will also account for 60 per cent of its total installed capacity. RWE will become one of the top three renewable generators in the UK.
“This is a real transformational play,” said Glover. “This basically means RWE becomes a renewables supermajor.
“We will be looking to invest €2-3 billion per year gross, which is about €1.5 billion net – so building 2-3GW of renewables every year over the globe. It’s a big aspiration; a big transformation.”
He said RWE has already received the necessary regulatory approvals: “We’re are still waiting for the Eon approvals for their acquisition of retail and distribution off the EU, and soon as we get that very shortly afterwards we will implement the merger and be ready to go ahead.
“We are really hoping that the renewables business is operational in RWE in Q4.”
The Competition and Markets Authority gave its approval to the deal in April.
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