RWEOY Rwe Ag (PK)

By Giulia Petroni

RWE AG has acquired U.K. solar and battery storage systems developer JBM Solar for an undisclosed sum as it aims to continue growing its portfolio in the country.

The German energy company said it is taking over a pipeline with a combined capacity of around 6.1 gigawatts, with most projects in the central and southern regions of England.

"The acquisition underpins RWE's ambition to rigorously drive the expansion of its renewables business in the U.K., one of RWE's core markets," it said.

The first solar and battery storage projects could be operational as early as the end of 2024, RWE said, adding that it expects that around 450 megawatts per year will be commissioned.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 02, 2023 06:00 ET (11:00 GMT)

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