German energy company RWE has announced its ‘Growing Green’ strategy in which the firm plans to invest €50 billion ($56.5 billion) by 2030 to expand its renewable energy capacity.
The goals of the expansion are to ensure energy security and decarbonisation, improve customer services and prepare for future business models.
The investment will be directed into offshore and onshore wind, solar, batteries, flexible generation and hydrogen energy technologies and infrastructure.
The plan increases RWE’s annual investment in clean energy to €5 billion ($5.7 billion) and capacity additions by 2.5GW, well above the company’s 1.5GW initial target, according to RWE.
The strategy also increases RWE’s clean energy capacity by 25GW through 2030 in Europe, North America, and the Asia-Pacific region.
The utility says it will build 2GW of electrolyser capacity by 2030 and triple its offshore wind capacity from 2.4GW to 8GW. RWE says it will also be able to expand its onshore wind and solar generation capacity from 7GW to 20GW.
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The ‘Growing Green’ strategy will expand the utility’s battery energy storage capacity from more than 0.6GW to 3GW by 2030.
The company says it will also expand its investments in flexible electricity in the UK, Germany and Benelux countries as part of the strategy. The plan will cover the implementation of decarbonisation roadmaps for the company’s existing gas-fired power plants and other conventional plants.
The company plans to open up new business opportunities in the areas of hydrogen and ammonia importing, in order to supply industry in Europe.
Markus Krebber, CEO RWE AG, said the plan is part of efforts by his firm to speed up the energy transition and meet changing consumer expectations.
Krebber, said: “Leading the way to a green energy world, we are fully committed to driving forward the climate-neutral transformation of industry and society, very much in the spirit of our purpose: Our energy for a sustainable life.
“Our new strategy not only paints a clear picture of how our company will develop between now and 2030; it also shows that we are financially strong and will be financing our green growth with green funds.”
He reiterated that RWE will use its operating cash flow to fund the plan, sell stakes in existing and new projects as well as partner with other companies.