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Vattenfall plans France expansion

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Vattenfall plans France expansion
10:39 CEST+02:00
Energy giant Vattenfall is hoping to grow in France. The state-owned company wants to invest up to nine billion kronor ($1.5 billion) in French hydropower.

France will be offering hydropower concessions at the end of this year, and through the acquisition of "significant" shares, Vattenfall hopes to grab a foothold on the French energy market.

The company is hoping to obtain concessions for 1,000 MW, representing roughly 4% of the French hydropower market.

"Our establishment in France will underline Vattenfall's position as a leading European energy company," says CEO Øystein Løseth in a statement recently released by Vattenfall.

The company claims in the statement that they aspire to grow in renewable energy.

"The upcoming opportunities in France fall well within this scope. France is a growth market for Vattenfall," Løseth says.

Vattenfall has previously been heavily criticized by environmental organizations for their eco-damaging work, and insufficient investments in renewable energy.

Over the next three years, the company will be investing 54 billion kronor in renewable energy, which represents 28% of their total investments.

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