RWE has launched a new unit, RWE Innogy. The new company will be responsible for RWE’s renewable energy business.
RWE Innogy launched on schedule with about 1,500 MW of generation capacity and approximately 600 employees. According to the company, it plans to grow its business in the
As of February 1, RWE Innogy had 900 MW of wind power capacity, contributing to over half of its power generation. Hydro-electric power plants made the next largest contribution to its capacity with about 500 MW. Smaller power generation comes from biomass power plants.
The company said that the expansion of onshore and offshore wind power capacities will remain the driver for its growth in the future; however, hydro-electric and biomass were slated to expand as well. The company will expand into other forms of alternative energy also such as solar and geothermal energy, as well as wave and tidal power plants.
RWE Innogy, when selecting its management team, targeted internationally experienced managers. The company will be led by Prof. Dr. Fritz Vahrenholt as CEO who will focus on biomass, research and development, as well as the forward-looking venture business, including participation in innovative companies in the renewable energies sector. The company’s COO Kevin McCullough is in charge of all onshore and offshore wind power activities. Dr. Hans Bünting will be in charge of finance as CFO.
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."
The company’s CEO also expounded on advancing technologies for power generation from renewable energies. Vahrenholt said that RWE Innogy planned to contribute to the advancement of renewables, "We aim to position RWE Innogy as the driver for future technologies in