Innogy, a German-based renewable energy developer owned by utility giant RWE, has this week confirmed the acquisition of Belectric Solar & Battery for a sum reported to be in the range of the high double-digit million euros.
The purchase, first announced last August, sees innogy add much-needed large-scale solar PV and storage capabilities to its portfolio, with Belectric set to work closely with innogy on the design, installation and operation of a suite of ground-mounted solar plants.
Further, Belectric’s battery storage capabilities will be a welcome addition to the German developer’s product base and R&D know-how, with storage – particularly at the residential scale – poised for even greater uptake across innogy’s core European markets in 2017 and beyond.
Speaking about the acquisition, innogy CEO Peter Terium remarked that Belectric represents a perfect fit for innogy’s strategic innovation, and will augment the firm’s climate-friendly and intelligent energy solutions.
Terium added that innogy had been lagging in the field of large-scale solar PV, and that the acquisition of Belectric will get the company up to speed with market competitors. “With our new subsidiary Belectric, innogy is now in an ideal position to successfully implement large-scale PV projects in Europe and our growth regions,” said the CEO. “Moreover, the combination of expertise in renewable energy and battery storage technology will help us keep our energy system stable, despite the increasing influx of fluctuating renewables.”
In acquiring Belectric, innogy is gaining more than 15 years’ experience and a portfolio comprising in excess of 280 utility-scale solar plants and rooftop arrays built globally, amounting to more than 1.5 GW of installed solar capacity.