RWE rolls out €5bn/year “growing green” initiative
German energy company RWE said November 15 it planned to spend an average of €5bn ($5.7bn)/year on low-carbon opportunities to 2030.
RWE unveiled its “Growing Green” initiative, targeting major spending in wind and solar energy, batteries and hydrogen. The company said it increased its target capacity for new power by 70% to 2.5 GW/year, including output from so-called green hydrogen.
“By the end of the decade, RWE aims to build up its own net 2 GW of electrolyser capacity,” it said.
Shell and RWE signed a memorandum of understanding last week to identify potential projects and advance them to an investment decision in Germany, the Netherlands and the UK. They will look at producing green hydrogen and using it to decarbonise industry and mobility, as well as using CCS and blue hydrogen to decarbonise RWE's gas and biogas power plants.
Elsewhere, RWE said it has about 14 GW of natural gas-fired power stations installed across Europe. A roadmap for a “green conversion” will be developed for all existing plants, while the 2 GW of planned facilities will include decarbonisation strategies.
“The transformation to a climate-neutral society requires companies that put all their efforts into this task,” RWE CEO Markus Krebber said. “That is what RWE is doing and, to achieve this, it can rely on the energy, the passion, the experience and the expertise of its employees.”
The company said it would finance its investment programme largely from the cash flow from its operating activities.