Goldman Sachs has named three global companies expected to benefit from the German government’s plan to spend almost 500 billion euros on renewable energy infrastructure. The German government published draft legislation earlier this month that could serve as a template for the rest of Europe, aiming to protect its companies from high energy prices in the future. Several industries in Germany had to shut down production last year as energy prices soared due to Russia’s invasion of Ukraine. Proposed measures include an 80% renewable energy target by 2030 and cheaper financing for clean energy developers through green bonds. German state subsidies were also seen as a response to the massive investment initiated by the US Inflation Reduction Act. Goldman Sachs estimates that the German plan will create investment opportunities worth nearly 400 billion euros ($440 billion) in clean energy and grid infrastructure. The Wall Street bank said the Big Three, which have significant operations in Germany, would benefit from the ambitious plan. RWE Goldman Sachs said renewable energy generator RWE could accelerate the development of clean energy projects and capture a market share equivalent to its current global installed base. This means that 10-25 GW of generating capacity will be built in the next 10 years. According to the investment bank, this would boost adjusted earnings by 17% a year between 2022-27. Analyst consensus price targets compiled by FactSet point to a 23% upside for the stock over the next 12 months. RWE-DE 1Y line EON The company has previously said that new German legislation supporting efforts to electrify the entire economy could lead to new growth opportunities beyond the E.ON base case. The power distribution giant recently boosted its network buildout investments by 30% and estimates mid-single-digit EPS CAGR through 2027. Shares of the $34 billion company have risen more than 50% since late last year. However, analysts’ average target price suggests that the stock is reasonably valued at current levels. EOAN-DE 1Y line Meyer Burger The global engineering company Meyer Burger will also win in Germany’s transition to renewable energies. According to Goldman Sachs, the company is well-positioned because rising solar orders and potential incentives introduced by the European Union’s net-zero industrial bill will help develop domestic supply chains in Europe. The Swiss company operates production facilities in the photovoltaic industry. This week, it launched solar tiles for roof coverings in Europe. The IRA in the U.S. and the REPowerEU initiative in Europe will also drive the company’s growth plans, Goldman added. The installed capacity of the solar industry on both continents is expected to triple over the next five years to about 115 GW. Analyst consensus price targets compiled by FactSet point to a 47% upside for the stock over the next 12 months. MBT.N-CH 1Y mountain — CNBC’s Michael Bloom contributed to this report.