German energy company RWE has announced plans to invest around €50bn ($56bn) until 2030 to double its renewable energy capacity to 50GW.

The company’s Growing Green strategy seeks to make the investment in its core businesses at an accelerated pace.

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This will involve an annual average investment of €5bn in its solar, batteries, flexible generation, hydrogen, offshore and onshore wind businesses.

In particular, RWE aims to expand its renewable portfolio across Europe, North America and the Asia-Pacific (APAC) region.

RWE previously aimed to increase its renewable capacity by 1.5GW a year. Under its new initiative, the company has set a target of increasing this by 2.5GW a year.

The expansion plan also includes an increase in green hydrogen production, with RWE planning to build 2GW of electrolyser capacity.

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RWE CEO Markus Krebber said: “With our investment and growth strategy, Growing Green, we are strongly stepping up the pace and investing €50bn gross through to 2030.

“This will help us to expand our powerful, green generation capacity to 50GW.

“As a result, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in our core business will increase by an average of 9% a year, with a target of €5bn by 2030.

“Leading the way to a green energy world, we are fully committed to driving forward the climate-neutral transformation of industry and society, very much in the spirit of our purpose: our energy for a sustainable life.”

By 2030, RWE intends to increase its offshore wind capacity from 2.4GW to 8GW in Asia, North America and Europe.

The company also intends to increase its solar capacity from less than 1GW to 8GW by 2030, with its battery storage business expected to reach 3GW in the same period.

Last week, RWE reported a 30% increase in adjusted net income for the first nine months of the year (FY21).