Germany’s RWE to invest in 1.6 GW of offshore wind

Germany’s leading power producer RWE plans to construct 1.6 GW of offshore wind capacity in the North Sea, Bloomberg reports. The wind farms will mainly supply energy to industrial customers, and construction on the first 660 MW cluster will start in 2025 and begin operations in early 2027. Rising costs in the wind energy sector have impeded projects in the UK and US. Talks by RWE for an offtake agreement in New York fell through due to a lack of turbines. Nevertheless, the company still plans on spending EUR 55 bn on green technologies by 2030 and has directed two-thirds of its 1Q investments to offshore wind projects, aiming to triple capacity to 10 GW by 2030.

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