RWE and E.ON Complete Asset Swap Deal

RWE has taken over innogy’s activities, meaning the asset swap deal with E.ON is officially completed.

The wind, solar and hydropower businesses, as well as the biomass, biogas and gas storage activities are now transferred to RWE.

About 2,700 employees are transferring from innogy to RWE in the course of the takeover.

“This is the day we have been working towards for two years. The new RWE has been completed. It is a new, bigger and more diverse company, with a clear goal. By 2040, we will be carbon neutral. This will take us far beyond what other companies are aiming for,” said Rolf Martin Schmitz, CEO of RWE AG.

Back in March 2018, RWE and E.ON entered into an agreement by which E.ON was to take over RWE’s 76.8% stake in innogy, whereas RWE was to obtain among other things all of E.ON’s major renewable energy activities and innogy’s renewable energy business, as well as a 16.7% minority stake in E.ON.

E.ON transferred its renewables business, E.ON Climate & Renewables, to RWE in the autumn last year.