The first automobile manufacturer in Europe, Volkswagen, is ready to invest one billion euros (US$1.45 billion) in renewable energy projects. As the German language edition of the Financial Times said, the company plans to invest in two offshore wind farms in the North Sea.
By this investment, Volkswagen wants to meet its renewable energy goals for 2020 as well as giving a boost to Germany’s flagging wind power sector.
One of the company’s wind farm project that is under development is scheduled to have an initial capacity of 200 megawatts, which represents one fifth of the production capacity of a nuclear power plant.
When ready, these two wind farms will to provide about 400 megawatts of electricity at full capacity.
With this project, VW plans to reduce its carbon dioxide emissions by 40 percent by 2020. This is a smart move, considering the turbulent nature of oil prices and the Middle East politics.