RWE announced the acquisition of JBM Solar, a developer of solar and battery storage systems with 30 professionals. Financial details were not disclosed.
The acquisition of JBM Solar from London-based renewables investor Susgen has enabled RWE to have a pipeline with a combined capacity of around 6.1 gigawatts (GWac), split into 3.8 GWac of solar and 2.3 GWac of battery storage projects.
Most of the projects are in the central and southern regions of England and a large proportion already have grid connections and land secured. A number of projects are ready for final investment decision and have secured the planning approvals from authorities. The first solar and battery storage projects could be operational as early as end of 2024. It is expected that about 450 megawatts (MWac) per year will be commissioned.
The UK is expected to see significant growth in solar and batteries, with the government targeting a five-fold increase in solar capacity over the next 13 years – from 14 GW today to 70 GW in 2035. The battery storage capacity is expected to more than quadruple within four years – from 1.5 GW today to 6.5 GW in 2026.
The JBM Solar business comes with a team of around 30 professionals with extensive and long-standing experience in the solar sector. Headquartered in London and founded in 2012, the team has expertise across the entire development process from land acquisition to construction readiness. JBM Solar was acquired.
RWE is a leading global player in renewables and expects to invest more than €50 billion gross by 2030 to grow its green core business internationally, with around £15 billion earmarked for the UK.
RWE already has a strong footprint in UK wind power, with a combined capacity of more than 2.6 GW (RWE pro-rata) consisting of 10 offshore and 33 onshore wind farms in operation. RWE has offshore wind projects under construction or development and plans to establish commercial scale floating wind farms including in the Celtic Sea.