RWE has announced plans to pool its renewable energy business with its grids and retail business areas as part of a new subsidiary.
The developer revealed its proposal for its businesses in Germany and abroad which will be subject to approval by its Supervisory Board later this month.
It said 10% of the new subsidiary will be placed by way of an “initial public offering in connection with a capital increase” expected to take place by the end of 2016.
A spokesman said: “At the same or later point in time, additional stakes may be disposed. By transferring these business areas to the new subsidiary, RWE AG will create new financing and additional growth opportunities for the activities pooled in the subsidiary. The restructuring will not change the assets at RWE AG’s disposal to meet its financial commitments.”
The whole transaction is subject to the approval of the Supervisory Board which is expected to decide in its meeting on 11 December 2015.
Image: Gwynt y Mor offshore wind farm (RWE)