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German multinational energy company E.ON has announced an additional €500 million ($547 million) in investment for smart infrastructure and climate-friendly solutions as part of efforts to accelerate the energy transition.

The utility says the investment will help accelerate recovery from the COVID-19 crisis at the same time addressing climate change in Germany and Europe.

The investment will be used to fund projects such as digital economy and e-mobility and will be implemented in partnership with customers to promote a better energy system.

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Despite COVID-19 having limited impact on the utility’s operations and financial results in the first quarter, E.ON says it will not rule out or undermine the overall impact of the virus in the near short term or long term, hence the additional investment.

Johannes Teyssen, the CEO of E.ON, said: “Despite the corona crisis, (E.ON) will continue to do everything it can to combat climate change and foster a technologically advanced, customer-centric, and climate-friendly energy system.”

The news follows E.ON successfully raising €2.0 billion ($2.1 billion) in green bonds to fund sustainable infrastructure and energy efficiency projects. The new bonds bring E.ON’s outstanding volume of green bonds to €4.6 billion ($5 billion). Click here for more.

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”We believe that accelerating the modernisation of environmentally friendly energy infrastructure is a particularly effective way to combine climate protection and local job creation. In addition to our already planned investments, we intend to make available €0.5 billion ($547 million) more over the medium term for these technologies of the future,” concludes Teyssen.