RWE LAUNCHES INNOGY
[BIZ/INFRA: Essen, February 2] The new company will be managed by an internationally experienced and influential team. In his capacity as Chief Executive Officer, Prof. Dr. Fritz Vahrenholt (58) will be responsible for water, biomass, research and development and the forward-looking venture capital business, which will explore opportunities linked to innovative companies in the emerging renewable technologies sector. As Chief Operating Officer (COO), Kevin McCullough (42), will look after all of the company’s onshore and offshore wind power activities. Dr. Hans Bünting (43) will be in charge of finance as Chief Financial Officer (CFO). Professor Vahrenholt said, "With RWE Innogy, we aim to markedly increase the value of RWE because the planned investments will improve the CO2 position of the Group and significantly extend its business scope. Overall, this will open up fresh growth opportunities for RWE." RWE Innogy plans to recruit more than 100 new employees, primarily in Germany before the end of the year to support the achievement of its ambitious renewables expansion targets. The company starts out with 900 MW of existing wind power capacity, which comprises more than half of RWE Innogy's generation portfolio. Hydroelectric power plants contribute around 500 MW of capacity, with biomass supplying approximately 270 MWth (50 MWel). The geographical focus of the power plant portfolio is currently in Great Britain (approx. 460 MW) and Germany (approx. 450 MW). The expansion of onshore and offshore wind power capacities will remain the driver for growth in the future; however, biomass and hydroelectric power will also be vigorously expanded. RWE Innogy will also pursue opportunities in solar and geothermal energy, as well as wave and tidal power. Advancing the development of new technologies for power generation from renewable sources will be another key undertaking for RWE Innogy. Professor Vahrenholt commented, "We aim to position RWE Innogy as the driver for future technologies in the UK, Germany and elsewhere in Europe. The launch of RWE Innogy is another significant part of our plans to deliver a lower carbon future. Along with the ongoing promotion of energy efficiency, we believe it is vital to utilize all realistic, efficient forms of low carbon generation and encourage new technologies to develop”. The company will not only pursue the classical path of research and development, but will also be looking to invest in emerging technology companies in their start-up and growth phase. The focus will not only be on the start-up funding of these companies, but also on providing management know-how to assist these up-and-coming businesses in addressing organizational and strategic issues as well as in their day-to-day operations.“
RWE's new company for renewable energy begins operation as planned on February 1 with around 1,500 MW of generation capacity and approximately 600 employees. The company's aim is to grow the business vigorously in Great Britain and Continental Europe and it plans to invest about EUR 1 bn annually. All investments will be based on the Group’s standard profitability requirements.
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