RWE

RWE and Vestas have agreed a turbine supply agreement for the Norfolk Vanguard West offshore wind farm, progressing the project toward construction start following the AR7 CfD award and KKR partnership agreement.

“We are delighted to have been successful in securing long-term offtake contracts for five projects in AR7. In addition, we are excited to join forces with KKR as our strategic partner in the Norfolk Vanguard East and Norfolk Vanguard West offshore wind projects. By combining KKR's investment know-how in large-scale, complex infrastructure projects with RWE's extensive offshore wind expertise, we are well positioned to jointly realise these major projects. […] With the Dogger Bank South projects and our renowned partner Masdar, we are experiencing firsthand the value of strong partnerships. With the successful outcome of AR7, and the agreed partnership with KKR, RWE has reached key milestones in executing its UK offshore wind development pipeline.”

As part of a strategic review of its investments, RWE has expressed the wish to exit the Centre Manche 2 consortium, subject to French authorities' approval. TotalEnergies will assume all commitments and propose a new partner.

“We can look back on a good first half of 2025. Having achieved half of our full-year target for adjusted earnings per share, we are confirming our guidance and our dividend target for 2025. Our long-term goal is to increase adjusted earnings per share to €4 by 2030. The value-accretive expansion of our portfolio is progressing rapidly. Of the 11.2 gigawatts currently under construction, we will commission over 3 gigawatts in the second half of the year.”

“In the US, where we have stopped our offshore activities for the time being, our business in onshore wind, solar energy and battery storage has so far been developing very dynamically. Nevertheless, we remain cautious given the political developments. We have introduced higher requirements for future investments in the US.”

“Our operational and financial performance is strong. With our robust portfolio, we are well positioned to supply the growing demand for electricity. Our construction projects, totalling more than 12 gigawatts, are progressing as planned. Given higher uncertainties in the investment environment, we have raised the requirements for future investments. As a result of stricter risk management and higher return expectations, we will invest less than previously planned through to 2030. Nevertheless, we are confirming our financial targets: adjusted earnings per share of €4 by 2030 and an annual increase of the dividend by 5% to 10%.”

Given increased uncertainties and risks in US offshore wind development and the European hydrogen economy, we are reducing our CapEx programme. The EUR 2 billion reduction is solely from offshore wind and hydrogen. We have raised return expectations for new projects from an average of 8% to over 8.5%. Planned investments from 2025 to 2030 have been reduced by EUR 10 billion net to EUR 35 billion net.

Net cash investments will average EUR 7 billion for 2025 and 2026, a decrease from the previous EUR 8 billion run rate. The reduction reflects a reassessment of capital allocation, particularly in US offshore wind and hydrogen projects. Funds saved are being used for a share buyback programme of up to EUR 1.5 billion, to be completed by Q2 2026.

“We are delighted to welcome TotalEnergies onboard as our partner in the delivery of these large-scale offshore wind projects in our home market of Germany.”

“The Netherlands is one of our strategic core markets to grow our green portfolio. In TotalEnergies I am delighted to have a strong partner at our side with whom we can realise our first offshore wind project in the Netherlands and at the same time unlock the full system integration of OranjeWind.”

“We have forged ahead with our Growing Green strategy since 2021. Thanks to our significant financial headroom, our attractive project pipeline and our extensive expertise, we are in an excellent position to continue to accelerate our transformation, even in the current challenging environment.”

“In the coming years up to 2030, we want to invest €55 billion worldwide in renewable energy, batteries, flexible generation and hydrogen projects. We are growing green and increasing our earnings while decarbonising our portfolio even faster — in line with the 1.5-degree pathway and our goal of becoming net-zero by 2040.”

“Is there a perfect storm brewing in the offshore wind industry? It is the worst-case scenario for the energy transition if large projects that have already been awarded are not realised as planned, which quickly calls into question the achievement of climate protection targets.”

“We are driving forward the expansion of RWE's offshore wind power fleet in Germany at full speed. Our portfolio already includes six offshore wind farms off the German coasts. This auction success at attractive conditions significantly strengthens our position. It is also a good signal for the energy transition. Every newly built wind farm increases green electricity supply, which is crucial for lower electricity prices in the long term.”

“The acquisition of Con Edison Clean Energy Businesses is a major boost for RWE's green expansion in the United States, one of the most attractive and fastest growing markets for renewable energy. The unique combination of complementary portfolios in onshore wind, solar and batteries creates one of the leading renewable companies in the U.S. market.”

Following the completion of the asset swap with E.ON and integration of innogy's renewables business, RWE has become the second largest offshore wind operator worldwide, with a broad portfolio of operational assets and development pipeline across Europe.