RWE Buys Belectric’s Solar and Storage Business
RWE AG (XETRA:RWE) (Essen, Germany), like its German rival E.ON SE (FWB:EOAN) (Düsseldorf), continues to push forward with its plans to become a green energy giant. Still battling the massive debts accrued from the government's decision to shut their older nuclear power plants early and close the rest in the coming years, both companies have committed to major renewables investment. This week, RWE bought smaller German solar firm Belectric Solar & Battery Holding GmbH (Kolitzheim, Germany), to add to its newest energy division, innogy SE.
Not only does the deal, worth “in a high double-digit million euro range”, boost its existing solar offerings but--and some would say more importantly--it gives it instant access to the fast-growing energy storage sector. Belectric is a pioneering company in the field of storing energy via massive lithium-ion battery banks.
Just days before the deal was announced, Belectric took part in the world's first energy-storage auction in the U.K.. It was one of eight companies chosen to provide 200-megawatts (MW) of grid-scale battery storage for the country’s system operator, National Grid. For additional information, see August 31, 2016, article--UK Bets Big on Battery Power.
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