Vattenfall has unveiled plans to invest Skr17bn (€1.8bn) in onshore and offshore wind power over the next two years as part of a strategy to focus on renewables.
The Swedish utility plans to make growth investments of Skr28bn between 2017 and 2018, most of which targeting wind, solar power and electricity distribution.
This new investment plan reflects a strategic shift that is in line with the company’s goal of becoming entirely fossil-free, it said.
The figures can be found on Vattenfall’s Annual and Sustainability Report 2016, published today.
The company sold its lignite operations in Germany last year, lowering its share of fossil-fuel generation to 25% from about 50% before.
“A more sustainable energy system is currently being created as the electricity market continues its shift towards fossil-free generation,” chief executive Magnus Hall said.
“This system is closer to customers and combines efficient, large-scale production with decentralised solutions.
“Today we are exceptionally well positioned to develop Vattenfall’s business in line with these trends.”
Image: Vattenfall
