Investing
Vattenfall to invest 5 billion euros in Germany’s clean energy market
Global Banking & Finance Review®
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BERLIN (Reuters) – Sweden’s Vattenfall wants to invest
BERLIN (Reuters) – Sweden’s Vattenfall wants to invest five billion euros ($5.34 billion) in climate-friendly energy products in Germany in the coming years, its local CFO said on Monday.
The company intends to use the funds to build charging stations as well as wind and solar parks in the country by 2028, German finance chief Robert Zurawski said.
Germany is the fastest-growing market for renewable energy in Europe,” he said.
Vattenfall wants to increase its solar park capacity in Germany to around 500 megawatts per year, while also increasing capacity at its large-scale battery storage business to 300 megawatts annually, Zurawski said.
He added that the combination of both technologies would 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, Zurawski said.
The projects, with a planned output of 1.6 gigawatts, could generate enough electricity to cover the annual consumption of more than 1.7 million German households.
Vattenfall already operates two wind farms in Germany.
($1 = 0.9360 euros)
(Reporting by Markut Wacket, Writing by Friederike Heine; editing by Matthias Williams, Kirsten Donovan)
Renewable energy is energy generated from natural resources that are replenished naturally, such as sunlight, wind, rain, tides, waves, and geothermal heat.
Charging stations are locations equipped with electric vehicle chargers that allow electric cars to recharge their batteries.
A solar park is a large-scale solar power installation that uses photovoltaic panels to convert sunlight into electricity.
Battery storage refers to the use of batteries to store energy for later use, helping to balance supply and demand in energy systems.
Offshore wind power is the generation of electricity using wind turbines located in bodies of water, typically far from shore.
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