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Business

Europe's renewables companies target global expansion

European energy companies build up their renewables businesses in Asia and North America.

FRANKFURT, Germany -- European energy companies are building up their renewables businesses in Asia and North America. They hope to develop renewable energy into stable revenue source over the long term, and move away from power generation through fossil fuels.

     Italy's largest power company Enel aims to expand the total power generation capacity from renewable energy to 13.4 gigawatts, equal to the output from 13 nuclear power reactors, by 2018.

     Its plan is to more than triple the production capacity in Asia to roughly 4.1GW, as well as increase the production in North America by 40% to 2.4GW. Demand for renewable energy is expected to jump in Asia, thanks to generous government subsidies there.

     EDF Renewable Energy, a unit of French electric utility company EDF, in January acquired an American wind power company, Roosevelt Wind Project. The acquisition will add another 300 megawatts to its current 2GW capacity by 2015. EDF has also agreed with India's ACME Cleantech Solutions to set up a joint venture in solar power.

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