RWE is to buy back shares in RWE Aktiengesellschaft due to the US election victory of Donald Trump, which its says has increased the risks for offshore wind projects.
The buyback will involve a total volume of up to €1.5bn and is set to start still in the fourth quarter of 2024 and extend over a period of up to 18 months.
The German firm is developing an offshore wind project off the east coast of the US, which could be delayed due to outstanding permits.
Its JV with National Grid Ventures, Community Offshore Wind, has submitted a 2.8GW proposal to provide clean offshore wind energy for the State of New York.
In December 2022, RWE won a lease area to develop up to 1.6GW off the coast of northern California, which could be one of the first commercial-scale floating wind farms in the country.
Trump has repeatedly criticised the renewables industry and has said he will shut down the US offshore wind sector.
The ramp-up of the hydrogen economy in Europe is also not progressing as quickly as expected, which could delay RWE’s target of building further electrolyser capacity.