RWE announced the acquisition of JBM Solar with a team of about 30 professionals. This acquisition allows RWE to significantly accelerate its solar development in the UK and to position itself among the top three developers in the country.
A 6.1 GWac solar and battery storage development pipeline
With the acquisition of JBM Solar, RWE obtains a mature pipeline with a combined capacity of approximately 6.1 GWac, split between 3.8 GWac of solar projects and 2.3 GWac of battery storage. Most projects are located in the central and southern regions of England and a large proportion already have grid connections and secure land. A number of projects are ready for a final investment decision and have obtained the necessary approvals from the relevant authorities. The first solar energy storage projects could be operational as early as late 2024, averaging about 450 MWac per year.
Well positioned in the UK renewable energy market
Katja Wünschel, CEO of Onshore Wind and Solar Europe & Australia at RWE Renewables, said the acquisition significantly strengthens RWE’s position in the UK renewable energy market. She also emphasized that growth in solar and battery storage capacity is a priority for the UK government, with a five-fold increase in targeted solar capacity over the next 13 years, from 14 GW today to 70 GW by 2035. The government is also targeting an ambitious expansion of battery storage, with capacity expected to more than quadruple by 2026.
An investment of 50 billion euros by 2030
RWE has ambitions to grow its green baseload business internationally and plans to invest more than €50 billion by 2030, including about €15 billion for the UK market. The company already has a strong presence in wind power in the UK, with a combined capacity of over 2.6 GW (RWE pro-rata) comprising 10 offshore and 33 onshore wind farms in operation. With other offshore wind projects under construction or in development and commercial floating wind projects in the pipeline, RWE has one of the largest offshore wind pipelines in the UK.
