RWE Will Form Company to Absorb E.ON, Innogy Renewable Activities
January 17 2019 - 5:25AM
Dow Jones News
By Alberto Delclaux
RWE AG (RWE.XE) will set up a company with three operating
divisions to incorporate the renewable operations of E.ON SE
(EOAN.XE) and Innogy SE (IGY.XE), as part of the deal struck
between the three German energy companies.
RWE said Thursday that Anja-Isabel Dotzenrath will become chief
executive of the newly-created company, while Holger Himmel will
join as chief financial officer. Ms. Dotzenrath is currently CEO of
E.ON Climate & Renewables GmbH, while Mr. Himmel is renewables
CFO at Innogy.
RWE will provide 1.5 billion euros ($1.7 billion) annually in
investment to expand the activities. After the transaction, RWE
estimates 60% of its generation portfolio will produce electricity
with low or zero carbon dioxide emissions.
The operating units will be called Wind Offshore Global, Wind
Onshore and Solar PV Americas, and Wind Onshore and Solar PV Europe
& Asia-Pacific.
RWE said it expects the three-way deal will be granted antitrust
approval by the summer and be completed by the end of the year.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
January 17, 2019 05:10 ET (10:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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