RWE invested €8bn in growing its portfolio of renewable and green energy investments in the first quarter of 2023.
As part of its Growing Green strategy, the German energy company expanded its green portfolio by 4.9GW in Q1, reflecting investments of €8bn.
The €6.3bn acquisition of Con Edison Clean Energy Businesses in the US represented the largest share of the investments.
In addition, RWE acquired a hydrogen-ready gas-fired power station in the Netherlands and took over British solar developer JBM Solar.
In the first months of the year, RWE also invested in new wind, and solar facilities and also commissioned further plants.
Additional facilities with a capacity of 6.8GW are under construction.
The largest individual projects are offshore wind farms Sofia off the UK coast, at 1.4GW, and Thor in Denmark, at 1GW.
Onshore, too, RWE is pressing ahead on the expansion of wind power with more than 17 projects totalling 600MW in Europe and the US.
Solar energy represents the largest share of new-build projects, at 2.7GW, mainly in the US.
In addition, RWE is expanding its global battery storage portfolio, with projects totalling 900MW under construction in Germany, the US and the Netherlands.
Michael Müller, Chief Financial Officer of RWE, said: “The continuous construction of new renewable energy facilities and our acquisitions are paying off. In the first quarter of 2023, we generated 14% more green electricity than in the same period last year.
“And we have the financial resources to continue investing strongly in organic growth this year. Our project pipeline is well filled, and the forthcoming auctions open up further attractive opportunities for us.
Last month RWE released preliminary results for Q1 2023.
Its offshore wind business achieved €473m in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2023, compared to €420m year-on-year (YoY).