Goldman Sachs named the three global companies it expects to benefit from the German government’s plan to spend nearly half a trillion euros on renewable energy infrastructure. The German government announced draft legislation earlier this month, potentially serving as a template for the rest of Europe , that aims to protect its companies from high energy prices in the future. Several industries in Germany last year had to halt production due to soaring energy prices caused, in large part, by Russia’s invasion of Ukraine. The proposed measures include a 2030 target to have 80% renewable energy and cheaper financing for developers of clean energy sources through green bonds. The German state subsidies are also seen as a response to the heavy investment kickstarted by the U.S. Inflation Reduction Act . Goldman Sachs has estimated that this German plan will create investment opportunities worth nearly 400 billion euros ($440 billion) in clean energy and power grid infrastructure. The Wall Street bank said three major companies with significant exposure in Germany are set to benefit from this ambitious plan. RWE Goldman Sachs said RWE , a renewable energy generator, could accelerate the development of clean energy projects and capture a market share equivalent to its current installed base globally. That would imply 10-25 gigawatts of power generation capacity being built over the next 10 years. According to the investment bank, this would increase adjusted earnings by 17% annually between 2022-27. The consensus price target of analysts compiled by FactSet points to a 23% upside for the stock over the next 12 months. RWE-DE 1Y line EON The company has previously said that the new German legislation supporting electrification efforts across the economy could lead to new growth opportunities beyond E.ON ‘s base case scenario. The power distribution giant recently upgraded its investments in building out its network by 30% and has estimated mid-single-digit annual compounded growth for earnings per share until 2027. Shares of the $34 billion market-cap company have risen by more than 50% since late last year. However, the average price target of analysts indicates the stock is valued fairly at current levels. EOAN-DE 1Y line Meyer Burger Global engineering firm Meyer Burger also stands to win with Germany’s shift toward renewables. According to Goldman Sachs, the company stands at an advantage as rising solar orders and potential incentives introduced under the European Union’s Net-Zero Industry Act will help develop domestic supply chains within Europe. The Swiss company operates production facilities in the photovoltaic industry. This week, it launched solar tiles meant for roof coverings in Europe. Goldman Sachs added that the U.S.’s IRA and Europe’s REPowerEU initiative would also be a tailwind for the company’s growth plans. The solar industry is projected to grow three-fold to about 115 gigawatts of installations over the next five years across the two continents. The consensus price target of analysts compiled by FactSet points 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.