Uniper to Invest €8 Billion in Green Transformation This Decade

(Bloomberg) -- Uniper SE plans to invest more than €8 billion ($8.8 billion) to transform itself into a greener utility, with most of its power coming from renewables by the end of the decade. 

The shift will be made possible by a quicker recovery than anticipated, following the German utility’s bailout by the government at the height of last year’s energy crisis, it said in an earnings statement. Uniper also predicted an “exceptional” performance for the rest of the year when it pre-announced its first-half profit last week. 

The company’s recovery has “given us latitude for new growth and corporate transformation,” Chief Executive Officer Michael Lewis said Tuesday. “We also want to be greener faster so that we can offer our customers bespoke energy solutions for their own transformation.”

Uniper has set a target of 80% of its installed generating capacity to be emissions-free by 2030. It will end coal-fired power generation by 2029 at the latest, according to the statement. 

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