Vattenfall Investing $5 Billion in Germany for Renewable Energy

Swedish energy giant Vattenfall plans to invest more than $5 billion in Germany to increase the company’s renewable energy portfolio in that country. Robert Zurawski, Vattenfall’s chief financial officer in Germany, said the group will build more wind and solar farms in Germany, along with EV charging stations, over the next few years.

Zurawski on Nov. 11 said Vattenfall wants to add about 500 MW of solar power generation capacity annually in Germany, and also add at least 300 MW of battery energy storage capacity each year to 2028.

“Germany is the fastest-growing market for renewable energy in Europe,” said Zurawski as he outlined the company’s planned €5 billion ($5.34 billion) investment. Demand for electricity in Germany is expected to increase by 40% by 2030, with government officials expecting a doubling of power demand by 2045.

Offshore Wind Farms

Zurawski also said Vattenfall’s planned offshore wind farms, Nordlicht I and II, will enter commercial operation by 2028. The two installations are expected to provide 1,600 MW of generation capacity.

Vattenfall at present operates two wind farms in Germany. “We see a wide range of growth opportunities here for our growing business in fossil-free generation and energy services,” said Zurawski. The CFO said the company is focused on electricity partnerships with industrial consumers, particularly those moving away from fossil fuels.

“Electricity partnerships offer investment security, stable prices and risk diversification for both producers and industrial consumers of renewable electricity,” said Zurawski. Vattenfall also is working on residential electrification, with the company saying it is working with about 150 companies to install heat pumps, solar power systems, and energy storage in private homes. The company recently acquired Berlin-based GeoSolar, a solar equipment installation group.

—Darrell Proctor is a senior editor for POWER (@POWERmagazine).