Swedish Energy Giant to Invest Billions in Clean Energy Projects in Germany / Vattenfall commits over EUR five billion by 2028 to fossil-free energy production, e-mobility and related services in Europe's largest economy.
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Audio By Carbonatix
2:10 PM on Monday, November 11, 2024
By Germany Trade & Invest
Swedish energy company Vattenfall has announced an ambitious investment plan, pledging to invest more than EUR five billion by 2028 into renewable energy, e-mobility, and other sustainable solutions in Germany.
"Germany is the fastest-growing market for renewable energy in Europe," said Vattenfall's CFO for Germany, Robert Zurawski. "Energy demand is expected to increase by 40 percent by 2030mand could even double by 2045. We see tremendous growth potential in expanding fossil-free energy production and energy services here."
As part of its strategic expansion, Vattenfall plans to develop 500 megawatts of solar parks and 300 megawatts of large-scale battery storage facilities each year. Additionally, the company's planned offshore wind farms, Nordlicht 1 and 2, are set to become operational by 2028, with a combined capacity of 1.6 gigawatts. Vattenfall is also committed to significant investments in pumped storage hydroelectric plants and electric vehicle charging infrastructure.
Vattenfall said it aimed to conclude medium- and long-term electricity partnerships with industrial companies in Germany.
"Electricity partnerships offer producers and industrial consumers of renewable electricity investment security, stable prices and risk spreading in equal measure," Zurawski added."
This substantial investment by a leading European energy provider is a major boost for Germany's transition to clean energy," said Robert Hermann, CEO of Germany Trade & Invest (GTAI). "It highlights the exciting business opportunities emerging from Germany’s ambitious efforts to decarbonize and build a sustainable future. And it’s another indication that industrial businesses can rely on secure supplies of clean energy in Germany."
Germany Trade & Invest is the German government agency for international business promotion and is owned by the Ministry for Economic Affairs and Climate Action. It helps international companies do business in Germany and German companies do business abroad.
Press Contact: Jefferson Chase Senior Communications Manager Germany Trade & Invest Friedrichstrasse 60 10117 Berlin +4930200099170
