RWE aims to double its net wind, solar, batteries, gas and hydrogen capacity to 50GW by 2030, with a newly unveiled €50 billion spending plan.
This includes a tripling of offshore wind capacity to 8GW, increasing onshore wind to 12GW and solar to 8GW by 2030. The company plans to target Europe, North America and the Asia Pacific regions.
It also plans a five-fold increase in battery storage capacity to 3GW by the end of the decade.
The utility plans to make €30 billion of net investments in these technologies in the next decade, plus invest an additional €20 billion through the proceeds of asset sales.
RWE aims to have 31GW of net wind, solar and battery capacity, plus 19GW of gas and hydrogen capacity by 2030. It also expects to have 4GW of coal and nuclear capacity in 2030, down from 24GW in 2016.
This planned build-out marks an acceleration of RWE’s expansion. It had previously aimed to add 1.5GW of net capacity per year in the next decade, but now plans to add 2.5GW annually.
RWE believes this growth will help boost adjusted Ebitda in the core business to €5 billion by 2030 — likely more than double the figure for the 2021 fiscal year, it stated.
Its investment programme will be mostly financed by cash flows from operating activities, RWE stated. The company added that its creditworthiness and low debt level will also enable it to borrow to support this spending plan.
RWE CEO Markus Krebber said that the company would continue to invest in gas power plants to provide security of power supply, but would only invest in new gas plants if there was a clear pathway to decarbonising these plants, such as using them in a future green hydrogen network.