German utility, RWE, has slashed its renewables investment plans to EUR 1 billion from 2015 to 2017, having invested the same amount between 2008 and 2014.
This move comes after the company’s debt reached EUR 31 billion due to crisis in the power sector.
Hans Buenting, chief executive of RWE Innogy, said: “These are the investments that RWE is making available.”
Last year, RWE commissioned 595 MW of renewable energy capacity, out of which 425 MW comes from Gwynt y Môr offshore wind farm project.
This year, the company is expecting to add the remaining 151 MW Gwynt y Môr capacity, as well as 295 MW from Nordsee Ost wind farm in German waters.
However, the final investment for 330MW Nordsee One project, planned to commence construction in 2016, is pending to proceed.
RWE will also partner with other companies on projects in order to reduce its capital commitment.