Vattenfall to invest €5 B in Germany’s renewables
Vattenfall plans to invest €5 billion ($5.34 billion) in climate-friendly energy products in Germany in the coming years.
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Germany, Berlin: Sweden’s Vattenfall plans to invest €5 billion ($5.34 billion) in climate-friendly energy products in Germany in the coming years. The company intends to use the funds to build charging stations and wind and solar parks in the country by 2028, according to German finance chief Robert Zurawski said. He added that Germany is the fastest-growing market for renewable energy in Europe.
Vattenfall wants to increase its solar park capacity in Germany to around 500 MW per year, while also increasing capacity at its large-scale battery storage business to 300 MW annually. The combination of the technologies could ensure that consumers’ electricity demand could be met despite fluctuating solar production.
Vattenfall’s planned offshore wind power plants Nordlicht I and II will go into operation by 2028. The projects, with a planned output of 1.6 GW, could generate enough electricity to cover the annual consumption of over 1.7 million German households. The company currently operates two wind farms in Germany.
Source: Reuters
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