Siemens Energy plans to recruit more than 10,000 new employees for its electricity grid business, set to be the energy engineering group’s largest revenue driver by 2030, the Financial Times reported on Tuesday.

The group’s Grid Technologies has earmarked 1.2 billion euros ($1.29 billion) in capital expenditure for new factories and increased manufacturing capacity in the US, Europe and Asia, the unit’s boss, Tim Holt, told FT.

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Siemens Energy did not immediately respond to a Reuters request for comment.

“We see this huge boom coming,” Holt told FT in an interview, citing surging demand for electricity, rise in renewable projects under construction requiring better grid connections, and widespread ageing infrastructure only just handling existing power loads.