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23 November 2007 - In a statement yesterday German utility RWE announced it is restructuring its renewables business into a new entity called RWE Innogy as of February next year.
RWE, Germany's second biggest utility, said it plans to invest "at least €1bn" ($1.48bn) annually in order to expand its renewables business.
According to RWE, Innogy is to start with a renewables production capacity of around 1500 MW, and Innogy plans to focus on organic growth and strategic acquisitions of companies and facilities.
RWE Innogy's incoming CEO, Fritz Vahrenholt, said: "Our focus is clearly on wind power projects in the European on- and offshore sectors, but we will also grow in the areas of hydropower and biomass."
Furthermore, Innogy will intensively pursue activities in the area of solar and geothermal power, along with wave and tidal power plants.
Innovation is seen as a central task of the new company.
According to Vahrenholt: "We will not be restricting ourselves to classic research and development either, we will also be selecting promising new technology firms to invest in. In doing so, we will be giving a boost to tomorrow's technologies here in Germany."
RWE is already one of the largest wind power generators in the UK. In addition to wind power, the main emphasis is currently on hydro and biomass projects throughout Europe. At North Hoyle in Wales for instance, the Group is already operating the first major offshore wind farm ever to be built in the UK. This 60 MW farm is situated 8 km off the Welsh coast.
Upcoming large projects include Rhyl Flats and Gwynt y Môr, with a 750 MW capacity, the later planned offshore wind farm would be one of the largest wind farms in the world.
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