ESSEN, Germany--Energy firm Innogy, in the process of being broken up by parent RWE and rival E.ON, could team up with oil majors to build offshore wind farms in the booming U.S. market, one of its board members said.
Projects off the U.S. coast have become a major target for utilities in Europe, by far the world's largest offshore market in terms of installed capacity, with several large players forming partnerships with Shell.
"Big oil firms are muscling into the market for renewable energy--because their previous business model is finite," Hans Buenting, Innogy's chief operating officer in charge of renewables, told Reuters.
He said he was optimistic the group would meet its target of installing more than 500 megawatt of onshore wind power in the United States by the end of next year.
The company also said it expects to generate substantial free cash flow in 2018, allowing it to initiate a dividend in the first-quarter of 2019.
Ace Gathering Holdings LLC said March 6 it has completed its acquisition of Recoil Energy Systems LLC, a provider of crude oil reclamation services.
Reduced risk of well-to-well interference, optimized rock stimulation and maximized efficiency and utilization of surface equipment and crews were cited as benefits.