RWE enters renewables

ESSEN, Germany, Feb. 7 (UPI) -- Germany-based power major RWE announced a new renewable energy branch.

RWE Innogy has started operations with around 1,500 megawatts of generation capacity and approximately 600 employees.

The company's aim is to grow the business in Britain and continental Europe. RWE Innogy will be managed by Fritz Vahrenholt as chief executive officer who will be responsible for water, biomass, research and development.

"With RWE Innogy, we aim to markedly increase the value of RWE because the planned investments will improve the carbon dioxide position of the group and significantly extend its business scope. Overall, this will open up fresh growth opportunities for RWE," Vahrenholt said.