RWE plans to invest €5bn in renewables by 2022 to add 4GW of wind and solar capacity to its portfolio.
The German company said it has 2.7GW currently under construction and has an overall project pipeline of over 20GW.
About 20% of the investments to 2022 will be in Germany, representing about €1bn in value.
The other core growth markets are Europe, North America and Asia-Pacific, RWE said.
In 2020, RWE expects adjusted earnings from offshore wind of between €900m and €1.1bn, compared with €961m in 2019.
The slight improvement is mainly due to the fact that RWE´s outlook is based on a normal wind year whereas the wind volume in 2019 was lower, particularly in the UK, the company said.
Onshore wind and solar is expected to achieve adjusted EBITDA of between €500m and €600m.
This will be up on the €442m in 2019, mainly due to the addition of new capacities, the company said.
RWE includes pumped storage, run-of-river hydro and biomass in a business segment with gas.
This unit recorded EBITDA of €671m in 2019 and expects 2020’s figure to be in the range of €550-€650m.
The company said the transaction with Eon was largely completed last year and gives it a portfolio of wind and solar assets of about 9GW.
Contracted and regulated business accounts for 70% of income from wind and solar power, it added.
Output from renewables increased to 16.4 billion kilowatt-hours last year, up from 9.9 billion kWh in 2018, with Eon’s assets accounting for 4.5 billion kWh.
Overall, RWE posted adjusted EBITDA of €2.1bn last year, up from €1.5bn in 2018, while adjusted net income totalled €1.2bn, more than doubling on the €591m posted in the previous year.
The improved results was due to the exceptional trading performance and the strong gas and LNG business, RWE said.
In 2020, the company expects to achieve between €2.7bn and €3.0bn in adjusted EBITDA.
The target for adjusted net income is between €850m and €1.15bn.
RWE chief executive Rolf Schmitz (pictured) said: “Fiscal 2019 was an outstanding year, which saw us launch the new RWE.
“As one of the world’s leading producers of electricity from renewables, we have an ambitious goal: we want to be carbon neutral by 2040.
“We are making very good progress. Since 2012, we have cut our carbon emissions in half. Our operating activities achieved an excellent result.
“We have an outstanding basis from which to resolutely expand our business and achieve value-added growth.”