Diversified German conglomerate EnBW Energie Baden-Württemberg (EnBW) is planning to invest around €7bn ($9.3bn) in renewable sources, in a move to mitigate the fall in profits from its conventional power-generation business.

As part of the expansion plan, EnBW is planning to dispose around €2.7bn worth in assets. The company is set to boost the clean energy generation by 2020.

Commenting on the initiative, EnBW chief executive Frank Mastiaux said the company is planning to generate 40% of its profits from its renewable energy businesses and the power grids compared with around 12% at present by 2020.

The company is looking forward to expand its onshore wind power-generation capacity to 1,750MW over the next 7 years compared with around 200MW at present.

EnBW’s generation portfolio includes photovoltaic plants, run-of-the-river power stations, wind power plants, biomass plants, geothermal facilities and nuclear power plants.