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.
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