However, the UK thanks to its climate is unlikely to see much of this investment.

The company reported higher 2008 profits today but cut its earnings forecasts and said it would reduce investment spending due to the recession. EON made an adjusted net profit of 5.6bn euros last year, up 9% from 2007.

The company said it would cut investment spending by six billion euros between now and 2011, bringing the average annual commitment to 10bn euros.

EON boss Wulf Bernotat told a press briefing that solar energy would become a focus of investment, saying the sector was now "mature enough to become more active" in it. "We see lots of potential for sites in sunny regions.".

Until now, EON has concentrated investments in alternative energy sources in wind energy mainly in the UK.

EON also cut its 2010 earnings targets in a statement late Monday and warned that net profit will fall this year.