Forging German renewables champ, EWE takes next step in overhaul

Energiekontor AG

07/01/2021 11:35

FRANKFURT/DUESSELDORF, Jan 7 (Reuters) - German utility EWE
 LANDWE.UL  will favour expansion over payouts in its planned
wind power joint venture with the owners of turbine maker
Enercon, its chief executive said.
    Both parties signed an agreement just before Christmas to
form Germany's largest operator of onshore wind parks, a direct
challenger to larger utilities RWE  RWEG.DE  and EnBW  EBKG.DE 
as well as renewable firms wpd and Energiekontor  EKTG.DE .
    The joint venture, which is expected to get antitrust
approval in the next 2-3 months, plans to invest about 4 billion
euros ($4.9 billion) by 2030 to more than double onshore wind
power to as much as 5 gigawatts (GW).
    "Most of the planned investments will be funded through cash
flow," Stefan Dohler told Reuters. "Most of the profits will
likely be spent on expansion, so payouts will be kept moderate."
    ($1 = 0.8150 euros)
    

 (Reporting by Christoph Steitz, Tom Kaeckenhoff and Vera
Eckert; editing by Thomas Seythal)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))