German energy giant RWE [RWE:GR] has elevated its global green electricity investment target to EUR55bn in the coming years until 2030, as reported by Bloomberg on November 28. The significant investment aims to raise the company’s clean energy capacity to 65 gigawatts (GW) by 2030, up from around 35GW at present. Specifically, 40% of the investment will be used to raise its wind and solar energy capacity to 14GW and 16GW respectively by 2030. Over a third of the total investment will be allocated for expanding offshore wind capacity to 10GW by 2030, and 25% is earmarked for battery storage, flexible generation, and hydrogen projects. On top of this, the company also plans to achieve 6GW of battery storage capacity by 2030, rising from the current 500 megawatts (MW).

Since the launch of its “Growing Green” investment program in 2021, RWE has expanded its global green energy portfolio from 9GW to 35GW. During the same period, the firm’s total investments in renewables and clean energy technologies reached EUR20bn. The planned EUR55bn investment marks a 10% increase from the previous target set two years ago, owing to the “significant financial headroom” achieved through robust earnings growth. RWE intends to distribute more than half of the EUR55bn investment in Europe, including EUR11bn in Germany and EUR8bn in the UK. In addition, the company plans to invest EUR20bn in the US, where it could benefit from the substantial subsidies for clean technologies under the Inflation Reduction Act (IRA). According to RWE, the green electricity investments will set the company on track to achieve net-zero emissions by 2040.

Sources:

https://www.bloomberg.com/news/articles/2023-11-28/rwe-to-invest-55-billion-in-green-technologies-through-2030?srnd=green#xj4y7vzkg

https://renewablesnow.com/news/rwe-speeds-up-green-energy-investments-to-add-30-gw-by-2030-841503/

https://www.businessgreen.com/news/4150966/rwe-raises-global-green-energy-investment-goal-eur55bn-2030