Innogy signs contract to acquire BELECTRIC Solar & Battery

RWE’s Innogy has agreed to acquire German solar and battery specialist Belectric Solar & Battery Holding.

Both the firms have signed a share purchase deal and agreed a purchase price in a high double-digit million euro range.

The transaction is pending approval from competent anti-trust authorities in Europe. It is expected to be closed by early 2017.

For over 15 years, BELECTRIC Solar & Battery is in the business of design, installation, operation and maintenance of utility scale photovoltaic (PV) plants. It has also been active in the field of large-scale battery storage solutions.

The company manufactures its technology products in Germany and India. It has constructed over 280 utility-scale PV plants with an installed capacity of 1.5 giga watts peak (GWp).

Apart from this, the company is also responsible for providing operations and maintenance services for more than 1.0GWp of solar projects.

BELECTRIC has been focusing on a regional basis in Europe, with overseas market with growth prospective in Middle East and North Africa (MENA), India, South America and the US.

innogy said the takeover is also in line with its corporate strategy to become an important contributor in the expansion and decentralisation of renewable energy system in the future.

RWE AG and innogy SE CEO Peter Terium said: “With innogy we are creating the innovative, decentralised and sustainable energy company of the future. The agreed acquisition of BELECTRIC Solar & Battery fits this strategic orientation perfectly.

“Smart battery storage solutions make generating electricity from renewables both more efficient and more secure. In BELECTRIC we are acquiring an innovative company that has built up an international strong market position.

“We are now combining our complementary strengths and creating additional impetus to successfully implement our projects in Europe and our growth regions – the whole will be greater than the sum of its parts.”

BELECTRIC Holding executive chairman Bernhard Beck said: “With innogy, an established European energy company is acquiring our trail-blazing business for solar energy and battery solutions.

“Thereby, the focus is further on sustainable business development for the benefit of our customers and employees.”

Image: The acquisition will make innogy, an international player in utility scale solar and energy storage markets. Photo: Courtesy of RWE International SE.