German utility RWE AG (RWE.XE) said Friday it is planning to build a new lignite-fired power plant at its existing power production site in Niederaussem, western Germany .

RWE Power--the company's electricity production unit--said it intends to build a 1,100-megawatt lignite-fired power plant, and said that total investment would be around EUR1.5 billion.

It said that it has requested changes to the Cologne district government's existing regional development plan as a first step in the approval process for the planned facility.

"We are hoping that the entire [approval] process will be concluded in the next two to three years," RWE Power Chief Executive Johannes Lambertz said.

Construction of the power plant could take a further three to four years, the company said.

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