Essen, 21 November 2007This pressinformation is more than two years old

RWE pools its renewables activities in new company RWE Innogy

  • Fritz Vahrenholt becomes head of new renewables company
  • Investment volume of at least €1 billion per year
  • Company headquarters in Essen

RWE will be significantly expanding its renewables activities in the near future. Dr. Juergen Grossmann, CEO of RWE AG, today introduced the head of the new company, Prof. Dr. Fritz Vahrenholt. The new renewables company “RWE Innogy” will start operating on 1 February 2008, RWE intends to invest at least €1 billion per year from 2008 onwards in expanding its renewables activities, which will be subject to the same profitability requirements as other companies of the Group. The company’s growth will be aligned with the policy targets set at European and national level. The company’s headquarters is Essen.

Prof. Fritz Vahrenholt (l.) and Dr. Jürgen Großmann at the press conference
Prof. Fritz Vahrenholt (l.) and Dr. Jürgen Großmann at the press conference

“We have set some very ambitious targets for the new company. I am delighted that Fritz Vahrenholt is on board, as he has extensive experience in the area of renewables“, says Grossmann. Initially, the plan is to pool some 1,500 megawatts of generating capacity within the new company. The business model includes the planning, construction and operation of plants for renewable power generation and energy recovery. Organic growth will be the key focus. RWE Innogy will also reinforce its position by making strategic acquisitions of existing companies and power plants.

“Our goal is rapid expansion of power generation from renewable energy sources in Europe. We intend to quickly create considerable added value in the process”, said Vahrenholt at the presentation of the business model. “Our clear focus lies on both onshore and offshore wind power projects in Europe. But we will also grow in the field of hydropower and biomass.”

In addition, RWE will intensively pursue activities in the area of solar and geothermal power, along with wave and tidal power plants. Innovation is a central task of the new company.
As Vahrenholt put it: “We will not be restricting ourselves to classic research and development either, we will also be selecting promising new technology firms to invest in. In doing so, we will be giving a boost to tomorrow’s technologies here in Germany.”

RWE is already one of the largest wind power generators in the UK. In addition to wind power, the main emphasis is currently on hydro and biomass projects throughout Europe. At North Hoyle in Wales for instance, the Group is already operating the first major offshore wind farm ever to be built in the UK. This 60 megawatt farm is situated 8 km off the Welsh coast. Upcoming large projects include Rhyl Flats and Gwynt y Môr. At 750 megawatts capacity, this planned offshore wind farm Gwynt y Môr in Wales would be one of the largest wind farms in the world.

Additional information as Download:
Statement Großmann
Stament Vahrenholt
Curriculum Vitae Vahrenholt
IR Release: RWE pools its renewables activities in new company RWE Innogy (PDF; 37 KB)

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: This pressinformation is more than two years old