RWE, the German energy company, has made a significant investment in its Growing Green strategy by expanding its green portfolio with 4.9GW of renewable energy capacity in Q1 2023. The company invested €8bn in the first quarter of the year, with the €6.3bn acquisition of Con Edison Clean Energy Businesses in the US being the largest share of the investment.
RWE's green portfolio expansion also includes the acquisition of a hydrogen-ready gas-fired power station in the Netherlands and British solar developer JBM Solar. The company also invested in new wind and solar facilities and commissioned further plants.
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RWE's additional facilities, with a capacity of 6.8GW, are under construction, with the largest individual projects being offshore wind farms Sofia off the UK coast, at 1.4GW, and Thor in Denmark, at 1GW. Onshore, RWE is expanding wind power with more than 17 projects totaling 600MW in Europe and the US.
Solar energy represents the largest share of new-build projects, at 2.7GW, mainly in the US. RWE is also expanding its global battery storage portfolio, with projects totaling 900MW under construction in Germany, the US, and the Netherlands.
Michael Müller, CFO of RWE, said, “The continuous construction of new renewable energy facilities and our acquisitions are paying off. In the first quarter of 2023, we generated 14% more green electricity than in the same period last year. Our project pipeline is well filled, and the forthcoming auctions open up further attractive opportunities for us.”
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In Q1 2023, RWE's offshore wind business achieved €473m in adjusted EBITDA, compared to €420m YoY. RWE's investments reflect its commitment to a sustainable future, as it continues to expand its renewable energy portfolio and reduce its reliance on fossil fuels.
