* To supply about 10,000 households with electricity
* Park expected to come online in late summer
* RWE to sell park to Foresight Solar Fund Limited
FRANKFURT, April 23 German utility RWE
is planning a 37 megawatt (MW) solar park in Britain, it said on
Wednesday, expanding its presence in renewable energy, which
some analysts say has been neglected by the group.
The Kencot Hill Solar Firm - located on a disused airfield
in Oxfordshire, England - is expected to come online in late
summer 2014 and will power about 10,000 households with
electricity, RWE said.
RWE, which will provide financing and technical support, has
appointed solar group Conergy to build the park. Upon
completion, the park will sold to Foresight Solar Fund Limited
, managed by UK-based infrastructure asset manager
"Utilising our project development, procurement and
structuring skills, including expertise from RWE Innogy, we will
deliver to Foresight a substantial, fully commissioned and ROC
accredited solar PV park," said Stefan Judisch, head of RWE
Supply & Trading.
No financial details were disclosed.
Renewables accounted for just 3 percent of RWE's profits
last year, with Chief Executive Peter Terium admitting last
month the company was too late in entering the business, which
has fundamentally changed the utility sector.
Facing plunging profits, utilities including RWE and larger
peer E.ON are now trying to expand their renewable
portfolios, a challenging task since wind and solar power still
need subsidies to be competitive.
(Reporting by Christoph Steitz; Editing by Mark Potter)