German renewables developer Pure New Energy (PNE) intends to scale up to an 8GW solar PV pipeline in the next five years.
As part of its ‘Scale Up 2.0’ scheme, the company is targeting a 20GW pipeline of renewable energy projects by 2027. In addition to 8GW of solar PV, the planned pipeline will include 10GW of onshore wind and a further 2GW of offshore wind.
The company also outlined plans to expand its own electricity generation portfolio of projects that it will operate itself after development. It intends to generate 1.5GW of its own electricity by 2027 from solar projects across Germany, France, Poland, Spain and Italy.
PNE said that it will invest approximately €1.6 billion (US$1.63 billion) in its own portfolio by 2027.
Markus Lesser, CEO of PNG said that the company is “getting closer to our vision of 100% energy supply through renewable energies. The complementary business segments will stabilise the earnings of the PNE Group, create synergies and thus offer high growth potential.”
As part of its expansions, PNE will also extend the services it offers to existing renewables projects, aiming to manage PV and wind projects totalling 3.5GW. It said that the focus will be on electricity trading, optimising projects, life cycle management and engineering services.
The company also specified expansions in other renewable energy technologies, including hybrid electrolyser projects and battery storage systems.
In a recent analysis by EY, Germany was ranked as the third most attractive market for renewable energy in the world. Fellow German developer RWE last week announced a scheme to share profits for installed renewables capacity with local authorities, to encourage renewables uptake in the country.