Dutch energy firm Eneco is aiming to ramp up its solar energy portfolio in both the Netherlands and Belgium as part of an updated strategy aimed at accelerating the energy transition.
After adding 202MW of renewables in 2020, the company is looking to double its solar and wind capacity to 2.5GW in the next five years.
The announcement comes a year after Mitsubishi Corporation and Chubu Electric Power completed their €4.1 billion (US$4.5 billion) acquisition of Eneco. The utility said collaboration between its new shareholders has been valuable in drawing up the strategy.
Eneco’s recent solar developments have seen it partner with online retailer Bol.com, installing 13,000 panels at a distribution centre in the Netherlands, while a new deal with Coca-Cola in the country will see the utility provide power from the de Wildert solar farm to the drinks firm as of next year.
Publishing its 2020 financial results, Eneco revealed that its electricity sales were down, in part due to the COVID-19 pandemic resulting in empty offices and less travel by train. “Therefore we had to sell back energy volumes at lower market prices,” the company said. Revenue was down 4.2% year-on-year to €4.15 billion (US$4.93 billion).
Although electricity revenue fell in Belgium and the Netherlands, this was offset by new customers in Germany following the company’s acquisition of E.ON Heizstrom.
Against a background of ongoing changes in the role of European and national authorities, legislation and regulations, Eneco said it will not issue a results forecast for this year.