(Bloomberg) -- German utility RWE AG plans to expand its investment in wind energy even as the broader sector struggles with soaring interest rates and inflation. 

The company expects to invest €55 billion ($60.4 billion) overall on green technologies by 2030, it said during its Capital Markets Day, held in London on Tuesday. About 35% of the amount will be devoted to offshore wind and 40% to onshore wind and solar. 

The wind industry worldwide has faced challenges including rising costs and supply chain bottlenecks. RWE said its offshore expansion has already been secured with specific projects.

“We are implementing our offshore projects as planned,” Chief Executive Officer Markus Krebber told reporters. “None of the projects are affected by economic difficulties,” he said, adding that the company has protected itself against risks in the supply chain. 

RWE shares traded 2.7% higher by 2:54 p.m. London time. The stock earlier rose as much as 4.1%, the most in three months.

The company’s announcement Tuesday provides “evidence of sustained renewables growth at attractive returns,” Bernstein analyst Deepa Venkateswaran said in a research note.

Renewable Investments

Across the globe, companies are shifting their spending strategies to prepare for the shift to a low-carbon future. RWE’s expected €55 billion investment marks a 10% increase from its estimate two years ago. 

It plans to boost offshore wind capacity to 10 gigawatts by the end of the decade, compared with 3.3 gigawatts currently. The company expects onshore wind capacity to rise to 14 gigawatts, more than 60% above the current level.

RWE’s investment in solar energy is set to jump by about four times above the current capacity, to 16 gigawatts by 2030. It also plans to boost battery capacity to 6 gigawatts during the same period, double the amount it expected two years ago. 

On a regional basis, the company has earmarked €20 billion in funding for the US, €11 billion for Germany and €8 billion for the UK. 

RWE expects annual dividend growth of 5-10% until 2030, with next year’s target at €1.10 per share. It sees adjusted earnings before interest, taxes, depreciation, and amortization growing to more than €9 billion in 2030, compared with €5 billion expected previously.

--With assistance from Allegra Catelli.

(A previous version of this story corrected the incremental amount of investment by 2030.)

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