Massively knocked down by its own government's ruling to phase out nuclear power, Germany's second-biggest energy supplier, RWE, announced on Monday it will no longer build nuclear power plants, both domestically and overseas.

Instead, RWE will start to focus more on investing and building solar powered-related projects, The Süddeutsche Zeitung newspaper reported, quoting an unnamed spokeswoman.

The report was confirmed by Peter Terium, RWE's incoming chief executive, who said maintaining its nuclear business was no longer feasible because "the financial risk is no longer acceptable and is unreasonable for our shareholders."

Maintaining domestic nuclear plan ambitions was already deemed illogical in Germany since the country was already working its' way out of nuclear power dependence by 2022, spurred by the 2011 nuclear disaster that struck Japan's Fukushima nuclear power plants.

In a meeting over the weekend, Mr Terium told the company's 200 most senior managers a major overhaul will happen in the company in which the new strategy is to abort all operations related to its all nuclear power business, and invest heavily in solar, both in Germany and overseas, The Süddeutsche Zeitung newspaper said.

The company's future CEO, who will officially go on board on July 1, has been said to be eyeing southern Europe and northern Africa for the company's solar energy expansion plans.

Mr Terium said RWE will continue to operate its plants in Germany until their planned shut-down in 2022.

In a statement in March, RWE said the country's decision to move away from nuclear to shift to renewable energy had cost the company to lose a third of its net profits.

Mr Terium also likewise announced on Monday that massive job cuts could happen in RWE in the mid- to long-term.

"RWE will also have to make some tough decisions," he said. "In three years' time, the company will not have the same structures we do now."