Germany 's largest power producer RWE AG (RWE.XE) plans to further cut its investment plans for the renewables business, its renewable energies chief said Wednesday.

The company's renewables unit RWE Innogy will now invest even less than the recently targeted 500 million euros ($683.6 million) for wind farms and other investments, its Chief Executive Hans Buenting said at a press conference, giving no indication of the extent of spending cuts.

The board is set to issue its new investment plans along with a balance sheet presentation in early March, Mr. Buenting added.

RWE is due to report full-year results on March 4.

Last year, RWE Chief Executive Peter Terium said the company aims to cut investments by half a billion euros in the renewables business in the coming two years.

Even in 2013, the RWE unit invested around EUR1 billion, Mr. Buenting said, adding that "this is the last time that we have seen this figure."
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