Vattenfall to invest EUR 5bn in Germany by 2028

Swedish state-owned utility Vattenfall AB plans to invest over EUR 5 billion (USD 5.4bn) in fossil-free generation facilities, e-mobility and other energy services and products in Germany, affirming its commitment to the country after the recent sale of its district heating business in Berlin.

Vattenfall, which revealed plans in October to enter Germany's large-scale battery market, reiterated on Monday its plans to build about 500 MW of solar parks and 300 MW of large batteries annually. There is also a focus on agri-PV facilities, the company said.

By 2028, the planned offshore wind parks Nordlicht 1 and 2, with a combined capacity of 1.6 GW, are expected to go into operation. At the same time, Vattenfall’s onshore wind pipeline consists of projects with a combined capacity of 1.5 GW.

"Germany is the fastest-growing market for renewable energy in Europe. Electricity demand is expected to increase by 40% by 2030 and could even double by 2045. For our growing business in fossil-free generation and energy services, we see many growth opportunities here," Robert Zurawski, CFO of the company’s German unit, commented in the statement.

In the area of e-mobility, Vattenfall plans to invest EUR 500 million in charging infrastructure for e-cars by 2028. The company will remain active in the entire value chain—from installing charging stations to their operation and maintenance.

Vattenfall completed in May the sale of its entire district heating business in Berlin to the State of Berlin for about EUR 1.4 billion.

(EUR 1 = USD 1.077)

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