From the previous 25GW aim, a German energy corporation will invest €50 billion to increase green energy production.
RWE has announced €50 billion in investment plans to increase its 2030 aim for offshore and onshore wind, solar, batteries, flexible generation, and hydrogen from 25 to 50 GW.
The German corporation had intended to raise capacity by 1.5GW every year, but this will now climb to 2.5GW per year on average.
RWE plans to increase its offshore wind capacity from 2.4GW to 8GW by 2030.
Europe, as well as North America and Asia, will be the center of the efforts.
From 7GW to 20GW, onshore wind and solar will increase installed power capacity.
In both Europe and North America, according to RWE, the emphasis on onshore and solar is shared around 50:50.
Solar capacity will be raised from less than one gigawatt to eight gigawatts.
The corporation is already working on battery storage projects with a total capacity of more than 0.6 gigawatts, with plans to increase that to 3 gigawatts by 2030.
Green hydrogen is part of the larger goal, according to RWE, which plans to create its own net 2GW of electrolyser capacity by the end of the decade.
According to RWE, the new target will grow adjusted earnings before interest, taxes, depreciation, and amortisation in the core business to a planned €5 billion by 2030, more than twice the current fiscal year’s amount.
In the immediate term, the business is also upping its fiscal 2022 outlook.
RWE will also take advantage of growth prospects in its traditional markets, such as Germany, the United Kingdom, and the Benelux countries, for flexible electricity delivery.
The firm intends to “substantially increase” its green energy trading as well as its offering of customized energy solutions for major customers.
“RWE can deliver what the green energy world needs: electricity from wind and sun, for which demand is growing; 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 to the achievement of the Paris Agreement targets,” said RWE CEO Markus Krebber (pictured).
“The transition to a climate-neutral society necessitates firms dedicating all of their resources to this goal.
“That is what RWE is doing, and it can rely on the energy, passion, experience, and expertise of its employees to do so.”
“We have successfully completed our comprehensive strategic transformation.” We are in a great position to actively shape the energy transition’s key decade.
“With our ‘Growing Green’ investment and growth strategy, we’re accelerating the pace and investing €50 billion gross by 2030.”
“We will be able to increase our powerful, green generation capacity to 50GW as a result of this.”
“As a result, adjusted EBITDA in our core business will grow at a rate of 9% per year on average, with a goal of €5 billion by 2030.”
“As a global leader in green energy, we are fully dedicated to accelerating the climate-neutral transformation of business and society, in keeping with our mission: Our energy for a sustainable life.”
“Our new plan not only paints a clear picture of how our company will expand between now and 2030; it also shows that we are financially robust and will be financing our green growth with green funds,” RWE chief financial officer Michael Muller stated.
“Our expansion strategy adds value and is long-term. We want our shareholders to benefit from our earnings increase as well.
“The business intends to enhance the dividend to €0.90 per share in fiscal 2021. In the following years, we plan to keep our dividend at a minimum of 90 euro cents per share.
“In the long run, we want to pay out 50 percent to 60 percent of adjusted net income to our shareholders.”
