July 4 (Renewables Now) - Swedish state-owned energy group Vattenfall AB has split its wind business into two segments for onshore and offshore projects and established a new unit that will deal only with photovoltaic (PV) and battery operations.
The reorganisation was unveiled on Monday and took effect on July 1. The establishment of a separate PV division will have a pivotal role in Vattenfall’s renewable energy strategy as the company plans to spend up to EUR 150 million (USD 170m) in the next two years for solar and battery projects.
The Swedish group explained it undertook the change in order to adapt to the different market conditions and support future growth, adding that the three new units will be able to cover the entire value chain of their businesses. “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,” said Gunnar Groebler, head of Vattenfall Wind.
Vattenfall has wind activities in six European countries, including Sweden, the UK, the Netherlands, Germany, Denmark and France. It operates over 2,500 MW of wind power capacity and plans to expand it to 4,000 MW by 2020.
(EUR 1.0 = USD 1.135)