RWE eyes renewables deals as part of $8.4 billion expansion: CFO

FRANKFURT/DUESSELDORF (Reuters) by Christoph Steitz, Tom Käckenhoff, Vera Eckert – Germany’s largest power producer RWE (RWEG.DE) plans to spend part of its 7 billion euro ($8.4 billion) war chest on growing its 24.7 gigawatt pipeline of renewables projects, its CFO said, just weeks after BP (BP.L) announced a major low-carbon push. “A pipeline needs to be worked on constantly. It doesn’t grow overnight,” Markus Krebber told Reuters, less than a day after the group raised 2 billion euros ($2.4 billion) in a share sale to fund growth. Unfazed by the COVID-19 crisis, Krebber said that the environment for renewables had improved in the course of the year, adding RWE would be able to realise more of its current pipeline of projects than previously thought. He said the company, Europe’s third-largest renewables player, would expand that offering through smaller deals, below the 2.7 GW it recently bought from wind turbine maker Nordex (NDXG.DE) for 402.5 million euros. “We’re not interested in taking over operating assets on a large scale. Our business model is to develop, build and operate,” Krebber said. The share sale proceeds come on top of a separate 5 billion euro spending plan by the end of 2022, intended… continue reading

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