Officials in Brussels have approved RWE’s deal for fellow German utility E.ON’s global renewable energy project pipeline. The €40 billion ($44.1 billion) asset swap has been under scrutiny by the European Commission’s competition watchdog. To simplify what is a very complex deal, RWE has passed the customer distribution business of its subsidiary Innogy to E.ON in exchange for the development assets. The “new RWE” will focus on renewable power generation. “Today, Brussels paved the way for the ‘new RWE.’ This makes us one of the world’s leading renewable energy companies,” said Rolf Martin Schmitz, CEO of RWE. “We intend annual net investments of €1.5 billion to consolidate and further strengthen this position. Now we are putting all our energy into tackling this task.”
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