Vattenfall overhauls renewables business

The restructuring will split the Swedish developer’s wind practice into onshore and offshore units while launching a solar and battery division.

Sweden’s state-owned utility Vattenfall will reconfigure its wind business, creating separate offshore and onshore units while adding a third division for photovoltaic and battery investments.

The move comes as the firm looks to boost its wind capacity and enter the solar and battery sectors. Vattenfall, which now operates 2.5GW of installed wind capacity in five European markers, will invest €5.5 billion to extend its capacity to 4GW by 2020. The firm also plans to put up to €150 million into large-scale and decentralised PV and battery projects.

Gunnar Groebler, the head of Vattenfall’s wind business, said the move supports the firm’s goal of becoming CO2-free within a generation.

“This underlines our strong ambition to reshape Vattenfall’s overall production portfolio and to broaden into a market with significant future growth rates,” he said. “With the creation of a lean business model with product lines in order to create dedicated end-to-end-processes and business that can respond to different markets, we take the logical next step to fulfil our ambitious targets.”

Michael Simmelsgaard, who joined Vattenfall in 2015 from Denmark-based Dong Energy, will head the new offshore wind business unit, while Sandra Grauers-Nilsson will lead the onshore wind team. Claus Wattendrup is head of the PV and battery division.

Vattenfall operates wind projects in Sweden, Denmark, Germany, the Netherlands and the UK, with several additional plants under development.