innogy: Market entry in Ireland

(PresseBox) ( Essen, 17-08-14 )

innogy begins construction of Dromadda Beg onshore wind farm
Entering new markets expands portfolio

innogy is resolutely implementing its expansion strategy for the Renewables division: by purchasing the consented 10.2 megawatts Dromadda Beg wind farm, the company has acquired its first onshore wind-power project in Ireland. The three wind turbine site in County Kerry in the southwest of the Republic of Ireland received planning approval in 2014. Construction of the 144.5-metre turbines is set to begin in September, with commissioning scheduled for the second half of 2018. innogy founded a subsidiary, Innogy Renewables Ireland Ltd, in September 2016 after taking a strategic decision to enter the Irish wind-power market and expand its activities in the area of renewable energies. In the UK, innogy is already one of the most important operators of wind power plants. Ireland is a logical step forward.

Peter Terium, CEO of innogy SE, explains: “During our IPO last year we underlined our intention to increase our renewables-based generation portfolio by entering new markets. These concrete activities now fulfil that promise. With the Dromadda Beg project we are taking a first step towards entering the promising Irish onshore wind market, thereby implementing our expansion strategy. Ireland is an exciting market for us and I am very pleased to have made our first acquisition there, which is to be followed by others.”

Hans Bünting, COO for Renewables of innogy SE, adds: “innogy has extensive experience developing, building and operating renewable facilities – on its own and together with partners. We want to drive our activities in Ireland through the acquisition of existing onshore wind projects as well as through the development of new projects.”

In addition to Ireland, innogy plans to enter other markets for renewables-based electricity generation, above all in North America. In addition to onshore and offshore wind, the technological focus will be on solar power. From 2017 to 2019 innogy intends to invest between €1.5 and €1.7 billion to expand its activities in the area of renewable energy.

Ireland’s wind market

As part of the European Union’s Renewable Energy Directive, Ireland has set the goal of generating 40 per cent of its electricity needs from renewable sources by 2020. This goal can be met using onshore wind facilities. With an installed capacity of 3,000 megawatts, wind power accounted for 22 per cent of Ireland’s overall electricity production last year. Onshore wind farms in Ireland are typically compensated using Feed-in Tariff, which sets a minimum price for all electricity fed into the public grid.

innogy SE

innogy SE is Germany's leading energy company, with revenue of around €44 billion (2016), more than 40,000 employees and activities in 16 countries across Europe. With its three business segments Grid & Infrastructure, Retail and Renewables, innogy addresses the requirements of a modern, decarbonised, decentralised and digital energy world. Its activities focus on its 23 million customers, and on offering them innovative and sustainable products and services which enable them to use energy more efficiently and improve their quality of life. The key markets are Germany, the United Kingdom, the Netherlands and Belgium, as well as several countries in Central Eastern and South Eastern Europe, especially the Czech Republic, Hungary and Poland. In renewable power generation, the company is also active in other regions, e.g. Spain, Italy and the MENA region (Middle East, North Africa), with a total capacity of 3.7 gigawatts. As a leader of innovation in future-oriented fields like eMobility, we are represented in the international hot-spots of the technology industry such as Silicon Valley, Tel Aviv, London and Berlin. We combine the extensive expertise of our energy technicians and engineers with digital technology partners, from start-ups to major corporates. With planned capital investments of around €6.5- €7.0 billion (2017-2019), we are building the power market of the future and driving forward the transformation of the energy market. innogy was formed from the restructuring of the RWE Group and started operations on 1 April 2016. Its IPO in October 2016 made innogy SE Germany's most valuable energy company. innogy is colourful, flexible and full of energy - let's innogize!

Renewables

With an installed capacity of more than 900 megawatts in offshore wind and with over 1900 megawatts in onshore wind, innogy is one of the major operators in Europe. We plan, build and operate plants to generate power and extract energy from renewable sources. Our aim is to take the expansion of renewables in Europe further in the short term, both on our own and working with partners. We believe that working together in this way is the key to making the energy transition a success. Currently, we are particularly strongly represented in our home market, Germany, followed by the United Kingdom, Spain, the Netherlands and Poland. At the moment we are focusing on continuing to expand our activities in onshore and offshore wind power. We are also looking at entering new markets and technologies, such as large-scale photovoltaic plants.

Innovations

We are working on future-oriented technologies for the energy world of tomorrow. Our employees are researching and developing innovative products and services in many areas of the company. In the innogy Innovation Hub alone, more than 130 in-house and third-party experts are working on the business models of the future. We also cooperate internationally with start-up companies, and for this purpose we have our own innovation teams in place in the start-up scene in Silicon Valley, Tel Aviv, London and Berlin. innogy invests in highly promising new companies around the world, and has initiated a €130 million investment programme for the purpose via innogy corporate ventures GmbH.

Further information: www.innogy.com

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