- RWE Renewables has announced divesting stake in Belectric Solar to Elevion Group of the Netherlands
- The deal includes sale of Belectric GmbH, Belectric France, Belectric Solar, Belectric Italia and Belectric Israel
- RWE has retained battery storage business of Belectric as it aims to grow in the space to 3 GW by 2030
RWE Renewables, the renewable energy arm of Germany’s power company RWE, has sold off its interest in the European and Israeli businesses of solar EPC company Belectric Solar & Battery to Elevion Group based out of the Netherlands, while retaining the battery storage business.
Recently, there were local media reports of CEZ Group acquiring Belectric from RWE. Elevion is part of Czech Republic’s energy service provider CEZ Group (see Europe PV News Snippets).
Under the agreement reached, Elevion has acquired Belectric GmbH, Belectric France, Belectric Solar, Belectric Italia and Belectric Israel. As part of the Elevion Group, Belectric will continue to operate as a solar project developer and operator.
An energy service company, Elevion said the acquisition is in line with its strategy to cover the entire business chain in the field of climate-neutral solutions. The company is already present in 9 nations namely Germany, the Netherlands, Austria, Italy, Czech Republic, Hungary, Poland, Romania and China where it caters to clients in aviation, automotive, food, healthcare, and technology industries.
With Belectric’s acquisition, Elevion now expands to other European markets as well as Israel. It will become one of the flagships of Elevion Group’s expansion in the solar market.
“Our customers are very interested in producing their own climate-neutral electricity, thus we decided to team up with a very successful player in this field,” said Elevion Group CEO Jaroslav Macek.
Meanwhile RWE said the divestment is part of a strategic realignment process for the company as it aims to grow its installed battery capacity to 3 GW by 2030, from over 600 MW now. “The decision to sell the third-party service provider Belectric aligns with RWE’s solar strategy, which sees itself as an asset owner with a clear focus on project development and operation,” stated RWE that will now hire companies on contract to build its solar power plants.