German energy company RWE plans to add between 2GW and 3GW of capacity annually to its renewable energy portfolio in three core markets: Europe, North America, and the Asia-Pacific.
The portfolio will be managed by RWE Renewables and the technologies in focus will be onshore and offshore wind, as well as photovoltaics and storage.
The capacity expansion will be driven by net annual investment of around EUR 1.5 billion, RWE said. Offshore wind investments will be handled by RWE Renewables’ Global Offshore Wind division.
Looking at Asia-Pacific, RWE plans to invest solely in offshore wind in Asia, and solely in onshore wind and solar in Australia, Rolf Martin Schmitz, RWE’s CEO said.
Commenting on the transaction with E.ON through which RWE will take over the renewables operations of E.ON and innogy, RWE said that renewable energy will account for more than half of the company’s adjusted EBITDA as early as the first year after the completion of the asset swap.
Following the completion of the transaction, RWE Renewables will become the second largest offshore wind owner and operator behind Ørsted. The company will also receive a pipeline of projects with a combined capacity of around 17GW.
However, only the projects that meet RWE’s return requirements will be considered, Schmitz said.