March 13, 2020 Read More →

Germany’s RWE planning to build another 4GW of renewable capacity by 2022

Greentech Media:

German utility RWE confirmed plans Thursday to build another 4 gigawatts of renewables by 2022, expanding the scope for its annual investments into wind and solar.

In its annual report, RWE said it will invest €1.5 billion to €2 billion (or as much as $2.2 billion) into renewables each year in the near term. That’s up from the €1.5 billion pledged just six months ago when the company completed the bulk of its complex asset-swap deal with E.ON, another German utility.

That deal saw RWE effectively swapping its customer supply business for a 17-gigawatt development pipeline of renewable projects, mainly wind. In Thursday’s update, RWE said it now has a 20-gigawatt development pipeline and 2.7 gigawatts under construction. In total, RWE will spend €5 billion by 2022 growing its renewables portfolio, with 20 percent earmarked for Germany.

RWE is one of a number of European utilities to have enjoyed considerable success in international renewables markets, including North America.

In the past, RWE set itself apart from its peers by mining its own coal for its power stations, said CEO Rolf Martin Schmitz. But now it needs to look for other differentiators.

Schmitz cited floating wind as a prime example where first movers would be able to benefit from an expanded marketplace for offshore wind in deeper water. RWE (via Innogy) has partnered with Shell to develop the TetraSpar floating foundation. A demonstration unit will go into the water off the coast of Norway this year.

[John Parnell]

More: RWE wants ‘dignified’ end for coal plants as it storms ahead with renewables

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