- Transaction successfully completed
- Innogy becomes new global player on market for utility-scale photovoltaic power plants and battery storage solutions
innogy SE and the Belectric Group have successfully completed the process of the acquisition of the international photovoltaic power and battery storage specialists BELECTRIC Solar & Battery GmbH by innogy. The two companies signed the relevant share purchase agreement at the end of August. The purchase price was in a high double-digit million euro range.
The acquisition of BELECTRIC Solar & Battery (BELECTRIC) takes innogy right to the forefront as a global player on the market for utility-scale photovoltaic power plants and battery storage systems. With this technology on board, innogy will be able to make a significant contribution towards the development of the decentralised, renewable energy system of the future.
Peter Terium, Chief Executive Officer of innogy SE commented: “The acquisition of BELECTRIC Solar & Battery is a perfect fit with innogy’s strategic orientation. innogy is a pioneer and trailblazer for efficient, climate-friendly and intelligent energy solutions. However, we were still lagging behind in the field of utility-scale photovoltaic power plants. We’ve now closed this gap. With our new subsidiary BELECTRIC innogy is now in an ideal position to successfully implement large-scale photovoltaic projects in Europe and our growth regions. Moreover, the combination of expertise in renewable energy and battery storage technology solutions will help us keep our energy system stable, despite the increasing influx of fluctuating renewables. This is another one of our key missions that we have committed ourselves to whole-heartedly at innogy.”
The experts at BELECTRIC, led by founder Bernhard Beck, bring strengths to the new partnership that complement innogy’s specialised know-how in project development, project and asset management in the field of renewables. BELECTRIC will be working together with innogy to design, install and operate utility-scale photovoltaic power plants. At the same time, BELECTRIC will continue to provide services in the fields of EPC (Engineering, Procurement, Construction) and O&M (Operation and Maintenance) for third parties. The company will also remain active in regions that are not among innogy’s target markets for project development.
BELECTRIC is also active in the field of battery storage systems and develops a wide range of solutions including turn-key large-scale battery storage. Tech products are developed and manufactured at the company’s own plants in Germany and India. With over 15 years of experience, BELECTRIC has built more than 280 utility-scale photovoltaic plants and roof-top systems around the world with a total installed capacity of more than 1.5 gigawatts peak (GWp). In addition, BELECTRIC is responsible for the operation and maintenance of solar plants with a total output capacity of more than 1.0 GWp. The regional focus of this business area is on Europe, the growth markets of the MENA region (Middle East North Africa) as well as India, South America and USA. In 2015, the adjusted EBITDA of BELECTRIC Solar & Battery was in a low double-digit million euro range.