RWE has unveiled €50bn investment plans to scale up its 2030 goal for offshore and onshore wind, solar, batteries, flexible generation and hydrogen to 50GW from 25GW previously.
The German company said it had planned to increase capacity by 1.5GW a year, but this figure will now grow to an average 2.5GW a year.
By 2030, RWE intends to triple its offshore wind capacity to 8GW from 2.4GW.
The activities will be focused on Europe as well as North America and the Asian markets.
Onshore wind and solar will expand installed generation capacity to 20GW from 7GW.
RWE said the emphasis on onshore and solar is split roughly 50:50 between the two in both Europe and in North America.
Solar capacity is to be increased from less than 1GW to 8GW.
The company is already involved in battery storage projects representing an installed capacity of more than 0.6GW, and this figure is to grow to 3GW by 2030.
It said the overall target also includes green hydrogen and by the end of the decade, RWE aims to build up its own net 2GW of electrolyser capacity.
The new goal will mean adjusted earnings before interest, taxes, depreciation and amortisation in the core business will increase to a planned €5bn by 2030, likely more than twice the figure for the current fiscal year, RWE said.
In the short-term, the company is also raising its current forecast for fiscal 2022.
RWE will also harness growth opportunities for flexible electricity supply in its traditional markets in particular, Germany, the UK and the Benelux countries.
The company plans to “significantly expand” its trading in green energy sources and its range of tailored energy solutions for large customers.
RWE chief executive Markus Krebber (pictured) said: “RWE can deliver what the green energy world needs: electricity from wind and sun, for which the demand is increasing more and more; storage systems and flexible generation capacity to secure supply; expertise and drive to ramp up the hydrogen economy; integrated customer solutions to supply industry with green energy; and a massive reduction in CO2 to contribute towards the achievement of the Paris Agreement targets.
“The transformation to a climate-neutral society requires companies that put all their efforts into this task.
“That is what RWE is doing and, to achieve this, it can rely on the energy, the passion, the experience and the expertise of its employees.
“Our comprehensive strategic transformation has been successfully completed. We are in a great position to actively shape the key decade of the energy transition.
“With our investment and growth strategy ‘Growing Green’ we are strongly stepping up the pace and investing €50bn gross through to 2030.
“This will help us to expand our powerful, green generation capacity to 50GW.
“As a result, adjusted EBITDA in our core business will increase by an average of 9% per year, with a target of €5bn by 2030.
“Leading the way to a green energy world, we are fully committed to driving forward the climate-neutral transformation of industry and society, very much in the spirit of our purpose: Our energy for a sustainable life.”
RWE chief financial officer Michael Muller said: “Our new strategy not only paints a clear picture of how our company will develop between now and 2030; it also shows that we are financially strong and will be financing our green growth with green funds.
“Our growth programme adds value and is sustainable. We also want our shareholders to benefit from the growth in our earnings.
“For fiscal 2021, the company plans to increase the dividend to €0.90 per share. We intend to keep our dividend at a floor of 90 euro cents per share in the coming years.
“In the long-term, we aim for a pay-out ratio to our shareholders of 50% to 60% of adjusted net income.”