RWE Acquires JBM Solar to Diversify Portfolio in United Kingdom

Highlights :

  • With the acquisition, RWE takes over a pipeline with a combined capacity of 6.1 GWac.
  • Specifically, the company takes over 3.8 GWac of solar and 2.3 GWac of battery storage projects.
RWE Acquires JBM Solar to Diversify Portfolio in United Kingdom

UK-based renewable energy developer RWE has announced the acquisition of JBM Solar with an ambition to significantly expand its solar and battery capabilities. JBM Solar is a sizable independent developer of solar and battery storage systems.

With the acquisition of JBM Solar, RWE takes over a mature pipeline with a combined capacity of around 6.1 GWac, split into 3.8 GWac of solar and 2.3 GWac of battery storage projects.

Most of the projects are in the central and southern regions of England and a large proportion already have grid connections and land secured.

RWE informed that many projects are ready for final investment decision and have secured the necessary planning approvals from the relevant authorities. The first solar and battery storage projects could be operational as early as end of 2024. RWE expects to commission 450 MWac per year on average.

Katja Wünschel, CEO Onshore Wind and Solar Europe & Australia of RWE Renewables, said, “The combined development pipeline, one of the largest in the UK, provides tremendous opportunities for sustainable and value accretive growth. The first projects could be delivering electricity as early as next year.”

The United Kingdom is expected to see significant growth in solar and batteries, says REW, with the government targeting a five-fold increase in solar capacity over the next 13 years – from 14 GW today to 70 GW in 2035. The government also wants battery storage expansion from 1.5 GW at present to 6.5 GW in 2026.

Growing Footprints of RWE Renewables

RWE said that this acquisition underpins its ambition to expand its renewables business in the UK which is one of its core markets. RWE wants to invest over EUR 50 billion gross by 2030 to grow its green core business internationally, with around £15 billion earmarked for the UK.

As far as the UK market is concerned, RWE already has a strong footprint in the wind power. It has a combined capacity of over 2.6 GW consisting of 10 offshore and 33 onshore wind farms in operation. RWE said that it is a key partner in helping the UK Government to achieve its target of increasing the UK offshore wind capacity to 50 GW by 2030.

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