ESSEN (dpa-AFX) - RWE AG (RWEOY.PK), a German energy firm, said on Thursday that it has acquired JBM Solar, a British solar and co-located battery developer, from renewables investor Susgen, to boost its solar and battery capabilities in the UK.
Financial terms of the deal are not known.
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.'
With the transaction, RWE gets a pipeline with combined capacity of around 6.1 gigawatts, split into 3.8 GWac of solar and 2.3 GWac of battery storage projects.
The company noted that the first solar and battery storage projects could be operational as early as end of 2024. It is expected that on average about 450 megawatts per year will be commissioned.
The UK is expected to register major growth in solar and batteries, with the government targeting a five-fold increase in solar capacity over the next 13 years, from present day's 14 GW to 70 GW in 2035.
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