German energy giant RWE boosts renewable ambition to 65GW by 2030

Once one of Europe’s biggest energy companies, Germany’s RWE, will invest €55 billion worldwide over the coming years to lift its capacity of renewable energy, batteries, flexible generation and hydrogen projects to 65 gigawatts by 2030.

RWE first launched its “Growing Green” investment and growth program in late 2021 with the intent of investing €50 billion by 2030 to deploy 50GW.

Since then, RWE has invested €20 billion and currently boasts a diversified development pipeline of over 100GW, including 100 renewable projects with a total capacity of 7.8GW under construction across ten countries.

At its Capital Markets Day in London this week, RWE announced it has now boosted those renewable energy plans, lifting its planned investment to €55 billion between 2024 to 2030.

With this investment, RWE plans to increase its global green portfolio to over 65GW, up from only 9GW in 2021 and current levels of 35GW – in and of itself a relatively significant accomplishment.

“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,” said Markus Krebber, CEO of RWE..

“In the coming years up to 2030, we want to invest €55 billion worldwide in renewable energy, batteries, flexible generation and hydrogen projects.

“We are growing green and increasing our earnings while decarbonising our portfolio even faster – in line with the 1.5-degree pathway and our goal of becoming net-zero by 2040.”

More than half of the €55 billion will be invested in Europe, with €11 billion set for Germany alone. RWE also intends to invest around €8 billion in the United Kingdom, and €20 billion in the United States.

RWE plans to invest 40% of the planned €55 billion in expanding its onshore wind and solar business, and 35% towards offshore wind projects. Further, RWE is planning to install 5.5GW of battery storage and construct at least 3GW of hydrogen-ready gas-fired power plants and 2GW of electrolyser capacity.