RWE reportedly considering sale of Belectric

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RWE wants to have a photovoltaic and wind project portfolio of 13 GW by the end of 2022.

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From pv magazine Germany

German utility RWE is considering the sale of solar developer Belectric, Reuters reported on Wednesday. The agency said “two people familiar with the matter” had confirmed that RWE was evaluating the sale of the company and that the process was at an advanced stage.

The sale is reportedly part of the energy company’s plans to streamline its activities in the field of renewable energy. The companies have not confirmed the report. Inquiries from pv magazine about the possible sale have so far remained unanswered.

Belectric itself recently divested its photovoltaic business in the U.S. as well as component manufacturer Jurchen Technology. Belectric has an operational installed PV capacity of 3,856 MW, 2140 MW under operational management and 729 MW in the construction phase. So far, the company has built more than 460 turnkey ground-mounted solar power plants and storage systems with a combined capacity of 3.85 GW.

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On Thursday, RWE presented financial figures for the first nine months of the year. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were slightly above the result for the same period last year at €2.4 billion. Adjusted EBITDA in the onshore wind and solar segment dropped from €373 million to €36 million. RWE attributed the decline to the cold weather conditions in Texas and below-average wind conditions at its Northern and Central European onshore wind power sites.

Nevertheless, the energy company is sticking to the further expansion of its renewables business. In the first three quarters of 2021, the group invested a total of €2.5 billion in new PV and wind power projects as well as storage projects, around 80% more than in the same period last year. The utility also said it had current projects totaling 3.8 GW under construction that are scheduled to go into operation by the end of 2022 and expected to expand its project portfolio from 9.5 to 13 GW.

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