German energy group RWE AG (ETR:RWE) spent EUR 9 billion (USD 9.92bn) to expand its sustainable portfolio in the first six months of 2023, the company said on Thursday.
The amount is significantly higher than the investments of EUR 2.1 billion made in the same period of 2022.
In the first half of 2023, the spending was boosted by the EUR 6.3 billion acquisition of Con Edison Clean Energy Businesses in the USA and the purchase of British solar developer JBM Solar and the Magnum gas-fired power station in the Netherlands. Additionally, RWE invested about EUR 1.6 billion net in the construction of new wind and solar facilities.
In the period under review, RWE increased its capacity by 5.1 GW through acquisitions and the commissioning of new plants, boosting its renewables portfolio to 15.8 GW. Furthermore, the company is working on the construction of over 70 renewable energy projects in 12 countries, which would bring an additional capacity of 7.2 GW.
RWE also confirmed its preliminary figures for the first half of 2023 as well as its previously increased outlook for the full year.
(EUR 1 = USD 1.102)