According to the German language edition of the Financial Times, Volkswagen will become a large investor in two offshore windparks in the North Sea. The 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.
While Germany has been a leader in solar energy the past decade, wind power has been a different story. Ambitious projects to build wind power farms in the North Sea have suffered from the lack of investors who saw the proposed projects as too risky. Volkswagen had been in talks with wind power developers for several years but had hesitated to commit to the industry. But the moves of other companies, including the American private equity firm Blackstone, helped open the door to increased investment. Blackstone closed a deal on one wind farm last month. Now WV is set to invest in two wind power farms, including one 60 miles (95 kilometers) north of Bokum (pictured left), an island off of Germany's northwestern coast.
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