RWE to make over EUR 5bn in green investments in 2022

Wind farm. Image by RWE AG.

August 12 (Renewables Now) - German energy major RWE AG (ETR:RWE) expects to invest more than EUR 5 billion (USD 5.14bn) in the expansion of its green portfolio in 2022, having already spent some EUR 2 billion in the first half of the year.

The total sum to be invested this year will be about 30% more than originally planned, chief executive Markus Krebber said in a statement on Thursday. He confirmed the company’s provisional figures for the first half of 2022 and the full-year forecast released late last month.

“We are investing in offshore and onshore wind, solar, batteries and in ramping up the hydrogen economy. All this is urgently needed in order to make energy supply more independent and climate-neutral,” Krebber stated.

In January-June 2022, RWE commissioned around 1.2 GW of new wind farms, solar plants and battery systems. This new capacity, coupled with better wind conditions, has resulted in the company generating some 20% more renewable power compared to a year back.

Presently, RWE is building projects with a combined capacity of 4.8 GW and also plans to acquire the hydrogen-ready, 1.4-GW Magnum power station in the Netherlands, it said.

(EUR 1 = USD 1.029)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\