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RWE "Growing Green" - a further €55 Billion

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 29/11/2023 RWE

RWE has revealed its "Growing Green" investment and growth initiative aimed at driving the evolution of the energy sector until 2030. The company's commitment to sustainable, secure, and competitive energy systems underscores its contribution to the global shift towards green technologies.

Launched in 2021, the "Growing Green" program has seen RWE invest €20 billion net. RWE presented its updated strategy and investment plans for 2030 at its Capital Markets Day in London.

Markus Krebber, CEO of RWE AG, stated, "Since 2021, our focus has been on advancing our 'Growing Green' strategy. With ample financial resources, a robust project pipeline, and expertise, we aim to accelerate our transformation. Until 2030, we plan to invest €55 billion worldwide in renewable energy, batteries, flexible generation, and hydrogen projects. Our objective remains sustainable growth and rapid decarbonization in line with our goal of achieving net-zero emissions by 2040."

The investment roadmap from 2024 to 2030 outlines a €55 billion net global investment, expanding RWE's green portfolio. Since 2021, the company has increased its capacities, currently having 100 projects totaling 7.8 GW under construction across ten countries.

RWE's investment and growth targets are supported by a development pipeline encompassing more than 100 GW in total capacity. The company aims to add over 30 GW of net capacity to its portfolio, strategically selecting investments across technologies, with renewables dominating 75% of planned investment alongside batteries, flexible generation, and hydrogen projects.

Geographically, RWE will concentrate its investments primarily on industrialised countries, focusing on core markets in Germany, the USA, and the United Kingdom. Europe, particularly Germany, will witness a surge in investment, with approximately €11 billion earmarked for the next seven years. The UK will witness around €8 billion net investments from 2024 to 2030. Moreover, RWE has allocated approximately €20 billion net for future US investments until the decade's end.

In technology, RWE aims to allocate funds across onshore wind, solar businesses, offshore wind projects, batteries, flexible generation, and hydrogen. RWE plans to escalate battery capacity from 0.5 GW to 6 GW by 2030, constructing 3 GW of hydrogen-ready gas-fired power plants and 2 GW of electrolyser capacity.

The "Growing Green" investment program foresees an average annual rise in adjusted EBITDA of 14% in this decade, expected to surpass €9 billion in 2030. Adjusted net income is projected to grow by an average of 12% annually, reaching €3 billion in 2030.

Michael Müller, CFO of RWE AG, affirmed, "Our 'Growing Green' targets affirm our financial prowess and emphasise our growth trajectory. With fully financed plans till 2030, our shareholders stand to benefit from our earnings growth."

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