RWE said it plans to cut its United States investments by one-fifth, taking roughly $10.9 billion off the table. The international energy company projected lower profits this year and cited the unpredictability of renewable projects in the U.S. under President Trump.
RWE said the American market, where nearly half of its installed renewable capacity resides, is currently “impossible to predict,” Global Banking & Finance Review reports. The company, which is the second-largest developer of offshore wind projects in the world, is likely feeling the pain of Trump’s anti-offshore wind sentiment, as it has several offshore wind projects in the U.S. lingering in their early stages.
The company is currently developing around 4 gigawatts (GW) of projects in the U.S., which RWE CEO Markus Krebber said were likely protected from tariffs. However, he cannot say the same for future projects.
In 2024, RWE commissioned 1.6 GW of new onshore wind, solar, and battery storage capacity. It also announced multiple long-term power purchase agreements with large technology companies and manufacturers.
RWE in the Lone Star State
Earlier this week, RWE and Meta announced a new power purchase agreement (PPA) for offtake from a 200-megawatt (MWac) solar project in Texas. Under the agreement, Meta will purchase 100% of the output from RWE’s Waterloo Solar project in Bastrop County, Texas, which is set to begin onsite construction in late 2025.
RWE’s PPA with Meta represents the company’s third long-term contract with the technology company in recent months, totaling a combined offtake of 574 MW from projects in Texas, Illinois, and Louisiana. RWE previously announced it had secured two PPAs with Meta for 100% of the output from its 274 MWac County Run Solar project in Illinois and its 100 MWac Lafitte Solar project in Louisiana.
