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The Low Carbon Economy Ltd

04 Jun 2009 12:06:06

German offshore wind industry under threat

German offshore wind industry under threat
The future prosperity of Germany's offshore wind industry has been cast into doubt by news that as much as EUR 100 billion (£86.5 billion) of planned investment could be delayed or scrapped.

According to Bloomberg, several utilities companies in Germany have warned that they are finding it difficult to secure extra funding required for offshore projects.

The news agency warned that financing problems could severely undermine some of the deepest planned emissions cuts in the European Union.

Germany intends to add 25GW of offshore wind capacity to its energy mix by 2030, but restricted bank lending could jeopardise its attempts to reduce carbon dioxide emissions by 40 percent by 2020 compared to 1990 levels, Bloomberg posited.

Thomas Rueschen, a wind farm funding manager at Deutsche Bank AG, told the news agency: "The appetite per project has fallen. Finding creditors for the financing has become a bigger challenge."

Earlier this year, Germany's environment ministry released figures indicating that electricity and heat produced by renewable energy sources led to a 112 million tonne reduction in annual CO2 emissions during 2008.



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