In the years 2024 to 2030, RWE will invest €55 billion net worldwide and expand its green portfolio to more than 65GW. Since 2021, the company has increased its capacities by 9GW to 35GW (as of 30 September 2023). RWE currently has 100 projects totalling 7.8GW under construction in 10 countries.
The company’s investment and growth targets are backed by a development pipeline across all technologies and markets. This comprises projects with a total capacity of more than 100 GW. With a target of adding more than 30 GW of net capacity to its portfolio, RWE’s development pipeline allows the company to select the investments with the most attractive risk-return profile. In terms of technology, renewables account for 75% of the planned investment, alongside batteries, flexible generation and hydrogen projects.
In terms of regions, the existing core markets will remain the strategic focus, above all the German domestic market, the USA and the United Kingdom. RWE also wants to continue to grow in the other European core markets and in selected countries in APAC – Australia, Japan and Korea.
More than half of the €55 billion that RWE plans to invest net from 2024 to 2030 is earmarked for Europe. In Germany alone, the company plans to invest around €11 billion net in the next seven years. In the United Kingdom, RWE intends to maintain the pace of investment and to invest around €8 billion net in the years 2024 to 2030. For the USA, RWE has earmarked around €20 billion net for future investments until the end of the decade.
RWE intends to invest 40% of the planned €55 billion net in the expansion of the onshore wind and solar business. The installed capacity in the onshore wind sector is set to grow from 8.6 GW today to 14 GW by 2030, with solar expanding from 3.9 GW to 16 GW.
On top of this, 35% of the investment funds are earmarked for offshore wind projects. This will increase RWE's offshore wind capacity from 3.3 GW today to 10 GW in 2030. This expansion plan has already been secured with specific projects, all of which are to be realised as planned. These include the 1.4 GW Sofia project in the UK and the 1.1 GW Thor project in Denmark, which are both under construction.
In addition, RWE is developing several offshore projects, such as the 1.6 GW Nordseecluster off the German coast, the Dutch 0.8 GW OranjeWind project, the Irish 0.8 GW Dublin Array project and the first phase of the US 1 GW (RWE share) Community Offshore Wind project in the New York Bight. Furthermore, 25% of investments have been set aside for battery projects, flexible generation and hydrogen. The capacity in batteries is set to increase from 0.5 GW to 6 GW by 2030. The construction of at least 3 GW of hydrogen-ready gas-fired power plants and 2 GW of electrolyser capacity is also planned.