August 12 (Renewables Now) – German energy major RWE AG (ETR:RWE) expects to invest more than EUR 5 billion (USD 5.14bn) in the expansion of its green portfolio in 2022, having already spent some EUR 2 billion in the first half of the year.
The total sum to be invested this year will be about 30% more than originally planned, chief executive Markus Krebber said in a statement on Thursday. He confirmed the company’s provisional figures for the first half of 2022 and the full-year forecast released late last month.
“We are investing in offshore and onshore wind, solar, batteries and in ramping up the hydrogen economy. All this is urgently needed in order to make energy supply more independent and climate-neutral,” Krebber stated.
In January-June 2022, RWE commissioned around 1.2 GW of new wind farms, solar plants and battery systems. This new capacity, coupled with better wind conditions, has resulted in the company generating some 20% more renewable power compared to a year back.
Presently, RWE is building projects with a combined capacity of 4.8 GW and also plans to acquire the hydrogen-ready, 1.4-GW Magnum power station in the Netherlands, it said.
(EUR 1 = USD 1.029)
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