German utility RWE has committed €55bn ($60.42bn) to green energy projects across the world between 2024 and 2030 as part of its updated strategy.

The company will expand its green portfolio from the existing 35GW attained since 2021 to more than 65GW by 2030.

It currently has 100 projects with 7.8GW of total capacity under development across ten countries.

Of the total investment of €55bn, more than half has been allocated to Europe. In Germany alone, the company intends to invest €11bn between 2024 and 2030.

RWE will invest €8bn in the same period in the UK.

A major chunk will go to the US where RWE will invest around €20bn during the 2020s.

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Of the total investment, 40% will be used to expand onshore wind and solar.

The onshore wind sector capacity is expected to increase from 8.6GW at present to 14GW by 2030, and solar could grow from 3.9GW to 16GW.

Offshore wind projects have been allocated 35% of the total investment. The company seeks to expand its offshore wind capacity from the present 3.3GW to 10GW.

Of the investment, 25% has been earmarked for battery projects, flexible generation and hydrogen.

Green investment can result in an average annual growth of 14% in RWE’s adjusted earnings before interest, taxes, depreciation and amortisation for the decade, or more than €9bn by 2030.

Adjusted net income growth is projected at an average of 12% annually, reaching €3bn in 2030.

RWE CEO Markus Krebber stated: “We have forged ahead with our Growing Green strategy since 2021. Thanks to our significant financial headroom, our attractive project pipeline and our extensive expertise, we are in an excellent position to continue to accelerate our transformation, even in the current challenging environment.

“In the coming years up to 2030, we want to invest €55bn worldwide in renewable energy, batteries, flexible generation and hydrogen projects. We are growing green and increasing our earnings while decarbonising our portfolio even faster – in line with the 1.5-degree pathway and our goal of becoming net zero by 2040.”

In September 2023, the company reached offshore grid connection agreements with TenneT for the 800MW OranjeWind offshore wind farm.

In August 2023, RWE and Valorem agreed to jointly bid in tender for a 1GW French offshore wind farm.