RWE to Triple Investments in Renewables

RWE plans to triple annual investments in renewable energy, mainly wind and solar, the German utility’s Chief Executive Officer Peter Terium said in an interview with Reuters.

The plan could see the company investing up to EUR 1 billion in renewables annually, Terium said.

Portions of new investments will be set aside for offshore wind, according to Terium, but he did not disclose any additional details.

The news of the further push into renewables comes days after RWE decided to divide its business between two entities and separate conventional energy generation from the better performing renewables, grids and retail operations.

The new, separately listed entity will manage a portfolio with an electricity generation capacity of more than 3.5 gigawatts and have a strong focus on wind power.

Based on the pro-forma figures for 2015, the new company is expected to achieve external revenue of more than EUR 40 billion and EBITDA of over EUR 4 billion, employing approximately 40,000 of the RWE Group’s nearly 60,000 staff members.