German RWE among the top 3 solar developers in the UK with acquisition of JBM Solar
Germany-based renewable energy company RWE announced the acquisition of London-headquartered independent developer of solar and battery storage systems JBM Solar, placing the company among the top 3 solar developers in the United Kingdom.
JBM Solar was acquired from London-based renewables investor Susgen. With the acquisition of JBM Solar, RWE takes over a mature pipeline with a combined capacity of around 6.1 gigawatts (GWac), split into 3.8 GWac of solar and 2.3 GWac of battery storage projects.
Most of the projects are in the central and southern regions of England, and a large proportion already have grid connections and land secured.
A number of projects are ready for final investment decision and have secured the necessary planning approvals from the relevant authorities. The first solar and battery storage projects could be operational as early as the end of 2024, and it is expected that about 450 megawatts (MWac) per year will be commissioned.
With this acquisition, RWE aims to expand its renewables business in the United Kingdom, where it plans to invest around £15 billion earmarked for the UK.
The UK is expected to see significant growth in solar and batteries, with the government targeting a five-fold increase in solar capacity over the next 13 years, from 14 GW today to 70 GW in 2035. The government also has ambitious goals for the expansion of battery storage: its capacity is expected to more than quadruple within four years – from 1.5 GW today to 6.5 GW in 2026.
RWE already has a strong footprint in UK wind power, with a combined capacity of more than 2.6 GW (RWE pro-rata) consisting of 10 offshore and 33 onshore wind farms in operation. With further offshore wind projects under construction or development and plans to establish commercial scale floating wind farms including in the Celtic Sea, RWE has one of the largest offshore wind pipelines in the UK.
Source: Press release by RWE.