German Iqony to bundle solar, wind business

Iqony, the green energy arm of German power group STEAG, is merging its wind and solar operations into a single business in a bid to achieve synergies along the entire value chain and put greater focus on power production.

The company said on Monday it has integrated the two businesses under the umbrella of its subsidiary Iqony Sustainable Energy Solutions GmbH (Iqony Sens).

The bundled business will have an independent power producer (IPP) division that will focus on project development and management and will produce electricity which Iqony’s trading division will subsequently market. A second major business line will be engineering procurement and construction (EPC) and operations and maintenance (O&M), which will focus on building solar and wind farms.

"The integration of the two previous business units into a single, even more efficient and powerful unit is a decisive step for us on our way from project developer to one of the leading European producers of renewable energy," said Andreas Reichel, CEO of STEAG and Iqony.

To date, Iqony Sens has 250 MW of installed wind and solar power capacity. Its goal is to quadruple this portfolio by the end of the decade.

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