Swedish Vattenfall plans to invest 1 billion Swedish kronor (SEK) ($121.25 million) in large-scale solar energy generation over the next two years, the company said on Friday.
Vattenfall said the investments would support Vattenfall's objective to become fossil-free within a generation.
The company will invest in developing new solar power plants, primarily large-scale between 2018 and 2019.
"Solar power is an important supplement to wind power as a renewable source of energy. We are now increasing the investment budget for solar power to satisfy our customers’ increased interest and demand. From electricity consumers, who can obtain electricity from our future solar farms, but also from potential customers, who want to both consume and generate electricity from solar power," said Magnus Hall, Vattenfall's president and CEO.
The company said there are two main areas in which Vattenfall's investments in solar power will focus, one in the development of large-scale solar PV farms, in locations where Vattenfall can use existing infrastructure to reduce costs and the other in enabling customers to generate and consume their own solar energy.
"Vattenfall is facilitating decentralized energy generation for both private customers and business customers. This will result in new energy services where Vattenfall provides solutions for our customers’ needs, enabling them to generate and consume their own solar PV electricity," Vattenfall explained.
(Anadolu Agency)
