Germany's E.ON integrates further with Innogy

July 30 (UPI) -- German energy company E.ON on Monday said it was further integrating its portfolio with additional shares in Innogy, a spinoff of energy group RWE.

Plans of the complex agreement to divide up pieces of Innogy between E.ON, one of the country's largest renewable energy investors, and RWE, one of Germany's biggest power producers, were unveiled in March.

E.ON on Monday said 9.4 percent of shareholders in Innogy agreed to sell their shares to E.ON, giving it an 86.2 percent stake in the company after taking RWE's majority stake.

"We are very satisfied with the result," E.ON's Chief Financial Officer Marc Spieker said in a statement. "The agreed acquisition of RWE's majority stake will already provide us with the necessary means to integrate Innogy into E.ON once the transaction has been completed."

The German company said the integration would increase its own growth potential.

Germany's energy sector is shifting focus away from nuclear power and fossil fuels to one focused more on renewables, leaving conventional-focused energy companies like RWE scrambling to catch up.

In June, E.ON announced plans for a 100-megawatt facility in Reeves County, Texas. It's already made agreements for half of that capacity for the next 50 years with South Korean energy company SK E&S Co., Ltd.

In July, it started installing the first of the 60 turbines planned for the 385 megawatt facility in the German waters of the Baltic Sea. Once completed, Arkona will have enough power to meet the annual power demand of around 400,000 average households.

E.ON is retooling its portfolio in the German energy market as the country charts a path to become a regional leader in renewable energy development. Wind power represents the largest component of Germany's renewable energy sector.