RWE to invest €1 billion per year in renewables; founds new company
German utility RWE has announced the creation of a renewable energy company, RWE Innogy, which will be backed by at least €1 billion of investment per year.
RWE Innogy, headquartered in Essen, will start operating from February 2008, with an initial pool of 1500 megawatts (MW) of generating capacity. Organic growth, through the construction of renewables plants, will be the firm’s focus.
“Our goal is rapid expansion of power generation from renewable energy sources in Europe,” says Fritz Vahrenholt, head of RWE Innogy. “Our clear focus lies on both onshore and offshore wind power projects in Europe, but we will also grow in the field of hydropower
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