Vattenfall is prepared to invest up to EUR1bn ($1.46bn) in renewable energy in France when the country offers hydropower concessions later this year, the Swedish state utility said in a statement.
France is one of Vattenfall’s growth markets. Earlier this month Vattenfall opened a office in Paris, thus emphasising its long-term strategic interest in the country.
“The establishment of Vattenfall in France confirms our position as one of the leading European energy companies. Vattenfall’s ambition is to grow in renewable energy and the upcoming hydropower opportunities in France fall well within this scope. France is a growth market for Vattenfall,” comments Oystein Løseth, CEO of Vattenfall.
Vattenfall is prepared to invest up to EUR1bn to get a foothold on the French energy market.
Vattenfall was one of the first foreign companies to enter the French power market when the liberalization process was initiated in 2000. Vattenfall’s current activities in France include supplying electricity to large business customers and grid operators. These activities will continue. In 2010, Vattenfall sold approximately 6 TWh electricity.
France is the second largest market in Europe in terms of installed hydropower capacity of 25 GW. Thus, the renewal of the concessions for 5300 MW until 2015 represents more than 20 per cent of the total capacity. Vattenfall aims to obtain concessions for 1 GW.