EnBW to spend 12 bln euros by 2025, renewables are strategic priority
Rechargenews / Reuters
German utility EnBW plans to spend 12 billion euros by 2025 in generation and infrastructure, with renewable expansion being a strategic priority, reports Bernd Radowitz for rechargenews. “We need change in order to seize growth opportunities and shape our future as a company,” chief executive Frank Mastiaux told shareholders at the company’s annual general meeting. The company is looking to diversify its renewable business with selective acquisitions abroad in countries with ambitious renewable targets, such as France, where EnBW wants to take over wind and solar company Valeco. Mastiaux said it would also expand its electric mobility activities with a roll-out of charging stations, according to Reuters reports.
EnBW has also set its sight on countries beyond Europe. Mastiaux said EnBW would draw lessons from unsuccessful bids in wind energy auctions in Taiwan and the US and stick to this strategy. Internationalisation will also help to smooth EnBW’s renewable business, which was hit by weak wind and low river water levels last year. “A future international orientation should make our renewables business literally more weather-proof,” Mastiaux said.