German energy giant RWE is planning to invest €50 billion gross to grow its green business by 2030. Image: RWE.
German energy giant RWE has acquired solar and storage developer JBM Solar, making it a “top three solar developer” in the UK.
The acquisition sees the company take on a mature pipeline of around 6.1GWac of solar and storage assets, along with a 30-person team that is headquartered out of London. This is split into 3.8GWac of solar and 2.3GWac of battery storage projects, predominantly located in central and southern regions of England.
A large proportion of these projects already have grid connections and land secure, noted RWE, as well as a number being ready for final investment decisions, having secured the necessary planning approvals.
The first solar and battery storage projects could be operational by the end of 2024, with an average of 450MWac of capacity expected to be commissioned annually.
RWE already has a portfolio of more than 2.6GW of wind in the UK, consisting of 10 offshore and 33 onshore wind farms that are already in operation.
“We are already well positioned in offshore and onshore wind in the UK,” said Katja Wünschel, CEO Onshore Wind and Solar Europe & Australia of RWE Renewables.
“Now we are significantly strengthening our renewables business by adding this already very advanced solar and battery pipeline. 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. I’m very pleased to welcome our new colleagues from JBM Solar and to jointly driving forward the green expansion of RWE in the UK.”
RWE expects to invest more than €50 billion gross by 2030 in its renewables portfolio globally, with around £15 billion earmarked for the UK as a core market for the company.
Along with the acquisition of JBM, the company has already set its sights on expanding its own portfolio of solar sites in the UK as part of this investment, announcing plans for an up to 600MW solar development on land in south Yorkshire and north Lincolnshire in December, for example.
Solar Power Portal’s publisher Solar Media will host the UK Solar Summit on 27-28 June 2023 in London. The event will explore UK’s new landscape for utility and rooftop solar, looking at the opportunities within a GW+ annual market, and much more. For more information, go to the website.