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Volkswagen to invest 1 billion euros in renewables: report

Fri, 08/26/2011 - 1:38am
Reuters

(Reuters) - German carmaker Volkswagen will boost its planned commitment to renewable energy, investing almost 1 billion euros ($1.44 billion) in the production of environmentally friendly energy over two years, the Financial Times Deutschland reported.

This would be a substantial increase over the previous mid-term target of roughly 600 million euros Volkswagen, Europe's largest carmaker, announced at the end of June.

The German business daily said on Friday that the company was looking to buy an interest in at least two offshore windparks in the process, and may announce by the end of the year it will form a partnership with windpark developer Windreich.

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