German renewable energy company RWE plans to invest around €50 billion in its core business by 2030, the company announced in a statement on Monday.
With its new strategy 'Growing Green', the company will spend an average of €5 billion gross each year for offshore and onshore wind, solar, batteries, flexible generation and hydrogen.
The move will enable the company to expand its portfolio by 25 gigawatts net to 50 gigawatts (GW) in the markets of Europe, North America, and the Asia-Pacific region.
'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,' Markus Krebber, the CEO of RWE, was quoted as saying in the statement.
RWE said it would initially increase its total capacity by an average of 1.5 GW per year and then boost it by 70% to average 2.5 GW per year.
The company said its project also includes green hydrogen. 'By the end of the decade, RWE aims to build up its own net 2 GW of electrolyzer capacity,' it said.
'RWE can deliver what the green energy world needs: electricity from wind and sun, for which the demand is increasing more and more; 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 towards the achievement of the Paris Agreement targets,' Krebber said.
By Sibel Morrow