Investment plan 2022-2023

Vattenfall’s investment strategy reflects our goal to enable fossil-free living within one generation. 

Vattenfall has decided on an investment plan for 2022-2023 of net SEK 55 billion. Gross investments amount to SEK 77 billion and the difference is attributable to partnership for the wind power project Hollandse Kust Zuid 1-4, assumptions for partnership for the Norfolk projects, as well as assumptions related to income derived from divestment of certain onshore wind and solar projects, which are being developed for sale. The amounts stated below refer to net investments.

Growth investments total SEK 34 billion with the largest share, SEK 23 billion, corresponding to 67%, planned to be invested in wind power. Vattenfall will also invest in electricity grids and expansion of district heating operations. Other growth investments include charging infrastructure, solar and battery projects, heating and energy solutions, and the HYBRIT project.

Total capex and Growth capex per technology 2022-2023. See excel sheet for details.

See capex details in the pie charts above (XLSX 11 kB)

Major investment projects – decided on and in progress1

Project Country Type Capacity Completion Total investment
Hollandse Kust Zuid 1–42 Netherlands Wind offshore 1,500 MW 2023 2,600 MEUR
Vesterhav-projects2 Denmark Wind offshore 344 MW 2023 769 MEUR
South Kyle2 United Kingdom Wind onshore 240 MW 2023 254 MGBP
Uppsala Carpe Futurum2 Sweden Biofuel 112 MWth 2022 1,843 MSEK
Heat storage Reuter2 Germany Heat storage 2,750 MWh 2023 50 MEUR
A16 Klaverspoor2 Netherlands Wind onshore 34 MW 2022 46 MEUR
Nij Hiddum Houw2 Netherlands Wind onshore 19 MW 2022 30 MEUR
Heat transfer station Hakford2 Netherlands District heating infrastructure n.a. 2022 22 MEUR
Battery@Ray2 United Kingdom Battery 20 MW 2022 15 MEUR


1 All numbers in the table reflect the status as per 31 December 2021.
2 The project is taxonomy-eligible.

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