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2020-03-17 13:10:00

GERMANY'S RENEWABLE INVESTMENT €5 BLN

GERMANY'S RENEWABLE INVESTMENT €5 BLN

ENERDATA - 16 Mar 2020 - The German energy group RWE plans to invest €5bn to expand its renewable capacity by 2022, including €1bn in Germany. Thanks to an asset swap with E.ON in March 2018, RWE acquired a 9 GW solar and wind portfolio. RWE now intends to increase its wind and solar portfolio by 4 GW between 2020 and 2023, of which 2.7 GW is already under construction. In addition, more than 20 GW of projects are in the pipeline. The group will implement the coal-fired power plant closure plan agreed with the German government nearly entirely by its own by 2023. RWE will retire the first 300 MW unit at the Niederaussem power plant in 2020 and the Inden and Hambach opencast mines will be closed earlier than originally planned.

In October 2019, RWE presented its strategy to become carbon neutral by 2040, intending to reduce its CO2 emissions by 70% within the next decade and to invest massively in renewable energies (more than €1.5bn/year in solar, wind and energy storage technologies, with an option to €2-3bn/year thanks to project partnerships). The carbon neutrality target includes the decommissioning of coal-fired power plants, including RWE's last operational coal-fired power plant in the United Kingdom and the gradual shutdown of German coal-fired plants, as agreed with the German Commission for Structural Change. In the Netherlands, where the government aims to exit coal-fired power generation by 2030, the Eemshaven and Amer power plants will be converted to operate with biomass.

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Tags: GERMANY, RENEWABLE, INVESTMENT