UPDATE: A hard Brexit may cause delays to RWE’s and Eon’s complex transaction to transfer assets in order to clear the way for creation of new company RWE Renewables, according to RWE's chief executive. The newly-formed RWE Renewables is planning to add up to 3GW per year of new installed capacity around the world. The German power company said today it will spend around €1.5bn every year to grow its existing 9GW portfolio. RWE received asset swap clearance from Brussels on 26 February, while Eon filed its respective request in January. The transaction is due to be completed later this year. "A hard Brexit may cause delays, but I'm confident that we will stay on track," chief executive Rolf Martin Schmitz said. The deal would make transform RWE into the world's third-biggest renewables company and the second-biggest player in offshore wind he added. Growth will be focused on three “key regions” in Europe, the Asia-Pacific and Americas. “In terms of technologies, the company will concentrate on onshore and offshore wind as well as on photovoltaics and storage,” added the company as it reported 2018 annual results that showed EBITDA of €1.5bn for the year, down from €2.1bn for 2017. German and European officials have cleared the acquisition of Eon’s renewables business to form the giant green energy player, which will be headed by Anja-Isabel Dotzenrath (pictured) as chief executive. The formation of the company is part of a wider complex deal involving the transfer of much of RWE’s Innogy business to Eon, which is still to receive regulatory approval.
RWE intends to spend € 1.7bn ($ 1.5bn ) 2019 on renewables to increase its current 9 GW portfolio by 9 GW of installed capacity per year though a new business division. RWE Renewables will focus on growth in the Americas , Asia-Pacific and Americas , encompassing onshore and offshore wind projects, in addition to solar and storage technology. RWE and EON ’s complicated transaction to form RWE Renewables may be subject to delays caused by a potential hard Brexit , but the deal is still expected to be completed in 2019 .