Volkswagen announces renewable energy investment
26 August 2011
Posted by Michelle Devonshire
German car manufacturer Volkswagen has announced it is to invest more than 1 billion euros in renewable energy technology.
Europe's biggest motor producer is to invest in an offshore wind park and is hopeful of forming a partnership with developer Windreich for the venture by the end of the year, the Financial Times Deutschland reported.
The newspaper said the investment will help Volkswagen meet its own CO2 emissions limit goals by 2020, with further investment in solar and hydroelectric electricity production in the pipeline.
A Spokeswoman for the manufacturer said: "We are in talks with operators over a stake in offshore windparks."
The UK's Renewable Energy Association recently called on the government to give its backing to the development of biomass solutions which could provide the UK with a clean and reliable source of energy.
Energy Minister Charles Hendry said the coalition is aware of the benefits of such solutions and is keen to explore them further.