RWE to sell part of its renewable energy subsidiary

RWE has announced it will sell part of its renewable subsidiary in Germany. The company will transfer its renewable energy, power-grid and retail businesses to a new company and sell […]

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By Jacqueline Echevarria

RWE has announced it will sell part of its renewable subsidiary in Germany.

The company will transfer its renewable energy, power-grid and retail businesses to a new company and sell 10% of it at the end of 2016.

That’s a decision in response to Germany’s phase out from nuclear power, RWE stated.

It added will retain its conventional power generation activities, including nuclear operations.

Peter Terium, CEO of RWE AG said: “The Group’s restructuring is our response to the transformation of the European energy landscape. We are creating two viable companies under one roof. The new subsidiary will have its own access to the capital market and improve our growth prospects.

“At the same time, we are convinced that conventional power generation will remain an irreplaceable partner for renewable energy for decades to come. Our conventional power stations are the backup for renewables.”