RWE has officially launched its new renewables division and confirmed plans to float the company later this year.
The German developer said today that the company, temporarily known as “RWE International SE”, will generate revenues of around €40bn. It will also include the company’s grid and retail businesses.
RWE said an IPO will be launched this year once the final branding of the new subsidiary is completed. Market conditions will also be assessed prior to the share launch, it added.
RWE International SE chief executive Peter Terium said: “The founding of our subsidiary and the planned IPO are mammoth tasks. Thanks to the excellent preparatory work done by our employees, we are, however, right on schedule.”
He added: “During this time of far-reaching transformation in our sector, we do not intend to simply keep up with the competition. We want to take a pioneering role and shape the energy market of the future.”
The German energy outfit added about 1GW of new wind farm capacity last year, including the 295MW Nordsee Ost and 576MW Gwynt y Mor offshore wind farms.
Image: Gwynt y Mor offshore wind farm (RWE)
