Swiss utility BKW FMB Energy Ltd. announced May 18 it will create a subsidiary to guide its investment of more than 250 million francs (US$203.2 million) in renewable energy including hydropower.
BKW said it would invest that amount over five years in new renewable energy technologies supported by Switzerland’s Federal Council and parliament. Technologies include small hydropower, biomass, wind, solar, and geothermal energy.
The company said it is ï¿½aiming for strong expansion of its leading national position in the field of new renewable energies, through targeted reorganization and measures to ramp up its existing activities in this area.ï¿½
BKW said it would combine its related operations and plants in the new subsidiary. The company already operates small hydro, solar, wind, and geothermal facilities. Although it did not name the new unit, BKW said it would be managed by Acting Chief Executive Officer Martin Pfisterer and Deputy CEO Philippe Muller.