PenInfo Desk: Sweden’s Vattenfall plans to invest more than €5 billion ($5.3 billion) in Germany’s renewable energy sector by 2028, the energy giant said on Monday (11 November 2024). Source “dpa”

“Germany is the fastest growing market for renewable energies in Europe,” said Robert Zurawski, chief financial officer for Vattenfall’s German subsidiary.

Demand for electricity in Germany is expected to increase by 40% by 2030 and could double by 2045.

“We see a wide range of growth opportunities here for our growing business in fossil-free generation and energy services,” Zurawski said.

In a statement, Vattenfall said it is aiming to drive forward energy generation and storage capacities, planning to build solar parks with an output of 500 megawatts and large-scale batteries with a capacity of 300 megawatts every year.

The technologies are to be combined in order to mitigate the impact of fluctuating generation from solar power.

The company also highlighted the Nordlicht 1 and 2 offshore wind farms being built in the North Sea, which are to be connected to the German grid with a capacity of 1.6 gigawatts by 2028.

Vattenfall is focusing on electricity partnerships with industrial consumers, who are increasingly switching their supply to greener energies.

Examples include contracts concluded with steel producer Salzgitter and chemical company Evonik.

“Electricity partnerships offer investment security, stable prices and risk diversification for both producers and industrial consumers of renewable electricity,” emphasized Zurawski.

The company is also expanding its private customer business and will be focusing more on consulting and on-site installation in the future.

Vattenfall is now working with around 150 companies to install heat pumps, photovoltaic systems and electricity storage systems in private homes.

Just recently, the company announced the acquisition of the Berlin-based installation business GeoSolar, which employs around 90 people.

Peninfo/desk/12.11.24/01.30am