RWE is expecting to invest around £15 billion in new UK green technologies and infrastructure by 2030, targeting wind, storage and hydrogen.
This figure includes its committed investments in projects already under construction, with the majority of its current investment focused on offshore wind.
Examples include Triton Knoll and Sofia Offshore Wind Farm, which RWE is investing around £5 billion into along with partners. The company is also currently developing four new offshore wind farms. These four represent a combined potential installed capacity of around 2.6GW, with RWE’s pro rata share being 1.3GW.
RWE is also the preferred bidder for two new adjacent offshore sites on Dogger Bank with a potential installed capacity of 3GW, and is developing a portfolio of new onshore wind.
Floating wind is also on the cards, with RWE pursuing the technology in Scotland and in the Celtic Sea as well as exploring the broader decarbonisation of its Pembroke Power Station through new hydrogen initiatives, and options for carbon capture and storage within its gas fleet.
It is also developing new battery storage solutions. In January, RWE signed a deal with Statkraft to provide market access and trading optimisation for battery storage assets with a collective capacity of over 68MW developed by RWE in Ireland.
“We see the UK as an attractive location for ongoing investments, which presents a stable regulatory framework and has great natural wind resources,” RWE AG CEO Markus Krebber said.
In total, RWE is investing more than 90% of its capital in sustainable technologies, for example renewables or batteries. It is targeting investments worldwide of €5 billion (£4.2 billion) net from 2020 until 2022 in order to grow its net capacity of wind and solar to more than 13GW by the end of 2022.
Current±’s publisher Solar Media is hosting the Wind Power Finance & Investment Summit in London over 7 and 8 December. Find out more here.