Sweden's Vattenfall announced plans to invest more than €5 billion ($5.3 billion) in Germany's renewable energy market by 2028, reflecting the company's commitment to support the country's transition to clean energy. With Germany expected to see electricity demand rise by 40% by 2030 and potentially double by 2045, Vattenfall sees significant growth opportunities in fossil-free energy generation and energy services.

The investment will primarily focus on expanding solar power and energy storage, with plans to develop solar parks with an output of 500 MW annually and large-scale batteries with a capacity of 300 MW each year. The company aims to combine these technologies to reduce the volatility of solar power generation.

Key projects include the Nordlicht 1 and 2 offshore wind farms in the North Sea, which will have a total capacity of 1.6 GW when connected to the German grid by 2028. In addition to these infrastructure projects, Vattenfall is strengthening its electricity partnerships with major industrial customers, such as Salzgitter and Evonik, who are transitioning to renewable energy.

Vattenfall is also expanding its residential services, collaborating with around 150 companies to install heat pumps, photovoltaic systems, and energy storage solutions in private homes. Recently, the company acquired GeoSolar, a Berlin-based installation firm, to further bolster its private customer offerings.

Source: finance.yahoo.com