By Pierre Bertrand

RWE said it is planning to invest 55 billion euros ($60.24 billion) in renewable energy and green technologies across the world as the German energy company outlined new targets to 2030.

The company said Tuesday that of the amount it was planning to invest, more than half would be directed for projects in Europe, where around EUR11 billion would go to Germany in the next seven years.

The company said that its funds would help it expand its green portfolio to more than 65 gigawatts.

It added that it intends to dedicate 40% of its planned funds to expand its onshore wind and solar business.

RWE said that its onshore wind installed capacity is set to grow to 14 gigawatts by 2030 from 8.6 gigawatts today, while installed solar capacity would grow to 16 gigawatts from 3.9 gigawatts.

Thirty-five percent of its investment funds are dedicated for offshore wind projects, RWE said.

Offshore wind capacity will increase to 10 gigawatts in 2030 from 3.3, RWE said.

The investments will result in an average annual increase in adjusted earnings before interest, taxes, depreciation and amortization of 14% this decade and reach more than EUR9 billion in 2030, RWE said.

It added that adjusted net income this decade will grow by an average of 12% annually and reach EUR3 billion in 2030.

RWE said that it is also targeting EUR1.10 per share dividend for 2024, compared with its intent to pay a EUR1.0 dividend for 2023.

RWE is targeting a 5% to 10% annual increase to its dividend until 2030.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

November 28, 2023 05:17 ET (10:17 GMT)

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