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RWE's renewables profits likely more than doubled in 2015 - CEO

The headquarters of German power supplier RWE are pictured in the German town of Essen March 6, 2012. REUTERS/ Ina Fassbender

ESSEN, Germany (Reuters) - German utility RWE's profits from renewables likely more than doubled last year, its chief executive said on Wednesday, citing expansion of its wind power business that it hopes will help a shift away from coal, gas and nuclear.

Innogy, RWE's renewables unit, more than doubled its operating profit to about 400 million euros (300.34 million pound) in 2015, Peter Terium told journalists. In 2014, Innogy's operating profit was 186 million euros.

Germany's second-largest utility is in the process of pooling its healthy assets - renewables, networks and retail - into a new unit while loss-making power plants and energy trading will remain with parent RWE AG.

RWE's group operating profit was 4.02 billion euros in 2014, down by a quarter year on year. It expects 2015 operating profit of 3.6-3.9 billion euros. It is scheduled to release 2015 results on March 8.

"Renewables will be the growth engine of the new entity," Terium said.

While renewables accounted for just 4.6 percent of RWE's operating profit in 2014, that could rise to as much as 11 percent based on Terium's projection.

RWE plans to list about 10 percent of the new unit via an expected 2 billion euros capital increase later this year to rake in badly needed cash for future investments.

"About half of the proceeds will be invested in the expansion of renewables," Terium said.

Terium told Reuters last month that annual investments in renewables could triple to 1 billion euros as part of the group's overhaul, and that RWE would also consider investing in utility-scale solar projects.

As a result, the group could chose to buy additional stakes in existing renewable projects as a way to increase profits.

"We want to grow organically, but do not rule out acquisitions," Terium said.

(Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Harro ten Wolde and Susan Thomas)