Volkswagen seems committed to increase its renewable energy production as it plans to invest close to €1 billion ($1.44 billion) over the next two years, according to a report from Financial Times Deutschland.
This is a significant increase compared to the end of June announcement of a €600 million ($868 million) investment. VW is, reports the newspaper, interested in buying at least two offshore windparks and it is possible that it will announce a partnership with windpark developer Windreich before the end of 2011.
“We are in talks with operators over a stake in offshore wind parks,” a VW spokeswoman confirmed today. The German automaker has already signed a deal with Austria’s Verbund to draw, from 2013, 10% of the electricity used in its plants from hydropower.
It also plans to reduce the greenhouse gases emitted from its factories by at least 40% over the next 10 years.
Story source: Reuters
