BERLIN (Reuters) - Germany's biggest utility E.ON aims to aggressively expand its solar business and is banking on the United States where President Obama has pledged to promote renewables in a bid to fight climate change.
E.ON, which has spent about 10 billion euros ($11.50 billion) on renewable since 2007, has a pipeline of around one gigawatt (GW) of solar in the United States, Michael Lewis, chief operating officer of E.ON's renewable unit, said.
"The cost of photovoltaic has come down much quicker than anyone expected and therefore the growth rate has taken off," he told Reuters in an interview.
Overall, E.ON owns more than 4.5 GW of renewable capacity, with more than 95 percent of that being wind.
(Reporting by Christoph Steitz; Editing by Maria Sheahan)