RWE pledges to spend GBP 15bn for UK renewables
German energy major RWE AG (ETR:RWE) has committed to investing GBP 15 billion (USD 20.7bn/EUR 17.8bn) in renewable energy technologies and infrastructure in the UK by 2030 as it aims to beef up its wind business in the country.
The proposed investment includes committed investments in projects that are already under construction, RWE said on Tuesday. It explained that more than 90% of the capital spending will go towards sustainable technologies such as renewable energy and battery storage projects.
The German group has 2.1 GW of wind capacity in operation in the UK and currently most of its investments there are in the offshore wind sector. Together with partners, RWE is spending around GBP 5 billion for the 857-MW Triton Knoll and 1.4-GW Sofia offshore wind projects. Separately, four new offshore wind parks totalling 2.6 GW are under development, of which RWE’s pro rata share is 1.3 GW. The German firm was also successful in bidding for two new adjacent offshore sites on Dogger Bank with a potential combined capacity of 3 GW.
Apart from offshore wind, RWE is working on the development of an onshore wind portfolio in the UK and pursuing floating wind opportunities in Scotland and off South West Wales. Battery storage solutions are also in the row, as well as hydrogen and carbon capture and storage initiatives for gas-fired plants.
On a global scale, RWE intends to pour GBP 5 billion net to grow its renewable energy fleet between 2020 and 2022. Its goal is to have more than 13 GW net of installed wind and solar capacity by end-2022.
Oct. 27, 2021