Vattenfall plans to invest around $1.94bn in onshore and offshore wind power during 2017-2018.
Magnus Hall of Vattenfall
The Swedish state-owned utility said wind power will account for 60 per cent of an investment programme displaying a strategic shift from fossil fuels to renewable energy. Most of the rest of the funds will go on solar power and distribution.

The company aims to commission 2,300 MW or more of new renewable capacity in the five years to 2020.

“Fossil fuels are not a viable long-term option, either for a world committed to solving the climate problem or as part of the Vattenfall of tomorrow,” Chief Executive Magnus Hall said.

Vattenfall plans to phase out its remaining coal power operations, which include converting the Klingenberg lignite-fired power plant in Berlin to gas by 2021.