German utility RWE is set to sell solar developer Belectric to Czech power utility CEZ Group.
According to the German Federal Cartel Office, which is currently reviewing the transaction, CEZ will buy all shares and take full control of the German developer.
“It is correct that RWE is currently selling parts of Belectric,” an RWE spokesperson told pv magazine. “The transaction has yet to be approved by the relevant authorities.”
Founded in 2001, Belectric is one of the largest EPC companies for photovoltaic power plants in Germany. In 2017, the photovoltaic project developer became a wholly-owned subsidiary of Innogy. In the course of the far-reaching transactions between RWE and Eon, it was transferred to RWE in 2020 and has been part of RWE Renewables since then.
The sale of Belectric by RWE is part of a plan to streamline its renewable energy business. Last week, the energy company announced an investment offensive for wind power, hydrogen and storage. RWE intends to invest €50 billion by 2030 and, among other things, increase its installed photovoltaic capacity worldwide from around 1 GW to 8 GW.
According to the company, the sale of Belectric has no impact on its ambitious growth plans in the solar sector. “We will invest massively in this technology,” the company stated. “We concentrate on the development and operation of systems – but not on construction, for which we will hire service providers.”