Swedish utility Vattenfall reportedly plans to focus on developing offshore wind power projects in Europe, increasing its green investments in the region.
Reuters reported that the company will focus on green energy projects in Europe rather than global expansion. Vattenfall wind power head Gunnar Groebler recently told investors during an online presentation that there is no need to move out of the EU, as the region offers ample opportunities for expansion.
Groebler further added that the company would continue to focus on securing more projects, as major oil companies including Equinor and BP have shown interest in the offshore wind power segment.
Vattenfall chief financial officer and incoming chief executive Anna Borg was quoted as saying: “Even if there is a lot of capital in the market right now, you need to know where you’re able to make money long term.”
Currently, Vattenfall operates 2.1GW of offshore wind capacity. The company plans to increase its capacity to 6.4GW, including construction of the 1.5GW Dutch Hollandse Kust South wind farm. The company aims to build this without subsidies by 2023.
The company is also looking to sign power purchase agreements for the new Dutch farm, and sell stakes to minimise its risk.
In July this year, UK government ministers awarded development consent to Vattenfall for a 1.8GW wind farm in the UK North Sea.