RWE, a German power generation company, has acquired JBM Solar, an independent solar and battery storage developer based in the UK.

The company bought JBM Solar from renewables investor Susgen for an undisclosed sum. Based in London, JBM Solar was founded in 2012 and employed around 30 people.

The acquisition will add a pipeline of more than 6 GW to RWE’s existing portfolio, including 3.8 GW of solar capacity and 2.3 GW of battery storage projects.

Most of the acquired capacity is located in England and southern regions, with a significant portion already having grid connections and secured land in place. The first solar and battery storage projects are expected to be operational by the end of 2024.

RWE Renewables Europe & Australia Onshore Wind and Solar CEO Katja Wünschel said: “We are already well positioned in offshore and onshore wind in the UK. We are significantly strengthening our renewables business by adding this already very advanced solar and battery pipeline. The combined development pipeline, one of the largest in the UK, provides tremendous opportunities for sustainable and value-accretive growth. The first projects could be delivering electricity as early as next year”.

The UK government has ambitious goals for expanding solar capacity from 14 GW in 2023 to 70 GW in 2035 and increasing battery storage capacity from 1.5 GW today to 6.5 GW in 2026.

This acquisition supports RWE’s ambition to expand its renewables business in the UK, one of its core markets. RWE plans to invest more than €50 billion (~$53 billion) gross by 2030 to grow its green core business internationally, with around £15 billion (~$18 billion) earmarked for the UK.

According to Mercom’s Q4 and Annual Solar Funding and M&A Report, 128 mergers and acquisition (M&A) transactions were recorded in 2022—the highest since 2010, including eight deals exceeding a billion dollars each.

Recently, Petronas, a Malaysian state-owned oil company, announced its clean energy subsidiary Gentari Renewables Australia had completed the purchase of Australian renewables firm Wirsol Energy, which has solar and battery energy storage integration capabilities and a pipeline of development projects.