Volkswagen to invest $1bn in renewable energy sector

25 August 2011 (Last Updated August 25th, 2011 18:30)

Automaker Volkswagen has unveiled plans to invest €1.4bn in the renewable energy sector over the next few years. The company is currently negotiating terms with four companies for the construction of an offshore wind park and expects to finalise a contractor by the end of the year,

Automaker Volkswagen has unveiled plans to invest €1.4bn in the renewable energy sector over the next few years.

The company is currently negotiating terms with four companies for the construction of an offshore wind park and expects to finalise a contractor by the end of the year, reports the Financial Times Deutschland.

The new wind park is expected to generate about 200MW of energy, which is sufficient to supply power to about 275,000 houses in Germany.

The move is in line with the company's goal to meet its carbon dioxide emission limits by 2020.