RWE is to increase investments in energy transition technologies, committing €55bn worldwide in wind, solar, batteries and hydrogen between 2024 and 2030.
This will result in additional 65GW of clean energy capacity by 2030.
As part of its “Growing Green” investment and growth programme, which was launched two years ago, RWE has already invested €20bn net since 2021.
RWE chief executive Markus Krebber said: “Thanks to our significant financial headroom, our attractive project pipeline and our extensive expertise, we are in an excellent position to continue to accelerate our transformation, even in the current challenging environment.
“In the coming years up to 2030, we want to invest €55bn worldwide in renewable energy, batteries, flexible generation and hydrogen projects.”
RWE currently has 100 projects totalling 7.8GW under construction in 10 countries.
The company’s investment and growth targets are backed by a “broad and deep development pipeline across all technologies and markets”.
This comprises projects with a total capacity of more than 100GW.
With a target of adding more than 30GW of net capacity to its portfolio, RWE’s development pipeline allows the company to select the investments with the most attractive risk-return profile.
In terms of technology, renewables account for 75% of the planned investment, alongside batteries, flexible generation and hydrogen projects.
The company’s existing core markets will remain the strategic focus, above all the German domestic market, the USA and the United Kingdom.
RWE also wants to continue to grow in the other European core markets and in selected countries in APAC – Australia, Japan and South Korea.
More than half of the €55bn that RWE plans to invest net from 2024 to 2030 is earmarked for Europe.
In Germany alone, the company plans to invest around €11bn net in the next seven years.
In the UK, RWE intends to maintain the pace of investment and to invest around €8bn net in the years 2024 to 2030.
In addition to Europe, the US is another focus of the investment activities, where RWE has earmarked around €20bn net for future investments until the end of the decade.
In terms of technologies, RWE intends to invest 40% of the planned €55bn net in the expansion of the onshore wind and solar business.
On top of this, 35% of the investment funds are earmarked for offshore wind projects to increase RWE’s offshore wind capacity from 3.3GW today to 10GW in 2030.
This expansion plan has already been secured with specific projects, all of which are to be realised as planned.