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Volkswagen Invests $1.45 Billion In Offshore Wind Farms

Volkswagen Invests $1.45 Billion In Offshore Wind Farms

 

Europe’s largest automaker recently announced that it would throw it’s financial weight behind two offshore wind projects in the North Sea.

According to multiple news outlets, Volkswagen will invest almost one billion euros in renewable energy over the next two years, with particular focus on a German wind power project that is expected to have a generating capacity of 200 megawatts, or about as much as 275,000 German households consume in a year.

The company in talks with four companies in the energy sector, with an eye towards choosing a partner by the end of the year, the Financial Times Deutschland said, citing a source close to the matter.

According to Triple Pundit’s Leon Kaye, the massive investment accomplishes two objectives:  to help the car manufacturer meet its renewable energy goals for 2020 as well as give a boost to Germany’s flagging wind power sector.

In recent years, Germany’s solar industry has flourished, reaching a total power output of 12.1 GW earlier this year. And although the country’s offshore wind projects are promising, previous attempts have floundered because investor concerns about risk.

In May, the German environment minister announced that Germany will shut down all of the country’s nuclear power plants by the year 2022. And with U.S. companies beginning to buy up some of the other available wind projects in the area, it would seem that Volkswagen felt it was time to do its part to help secure Germany’s energy future.

Related Reading:

Germany Closes 7 Aging Nuclear Plants

Massive Offshore Wind Project Approved In UK

DOE Announces Major Funding For Offshore Wind Projects

Image Credit: Flickr – phault

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64 comments

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12:00PM PDT on Oct 29, 2011

hmmmm..not sure about this. The north sea is about the only safe seabird migration area left, but obviously we wont see the massacre...
With less birds were gonna have alot more insects...and less birdsong. Natural balace is crucial.They have to work on the bird loss....
.

7:33PM PDT on Oct 28, 2011

Some more good news.

2:12AM PDT on Oct 24, 2011

Very good model to emulate.

3:57AM PDT on Sep 12, 2011

now just to get the rest to do this

8:12PM PDT on Sep 7, 2011

Right on VW. By the way could you go back to the old style of the Bug. I would by one in a heartbeat, mainly the van or camper.
Peace

7:54PM PDT on Sep 6, 2011

I'm glad Volkswagen is taking the initiative to invest in Green energy. I may even by a Volkswagen car now :)

1:54PM PDT on Sep 6, 2011

That is great news. They also donate to disabled artists thru their VSA contests, My son was one of their winners a few years back...so I think highly of them.

2:27AM PDT on Sep 6, 2011

wake up people

1:24AM PDT on Sep 6, 2011

The greedy nuclear industry in the U.S.A. & oil Companies will try to defeatr progress in the U.S.A. they already have.
Good luck to Germany.
Beat the nukes show the world it can be done with German determination!

1:06AM PDT on Sep 6, 2011

I wonder what effect this might have on marine life. Just read a New Scientist article saying that even offshore wind farms could be a problem for their balance/movement apparatus, I suppose depending on the circumstances.

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Beth Buczynski Beth is a freelance writer and editor living in the Rocky Mountain West. So far, Beth has lived in... more
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