Germany to Invest EUR 200 Billion in Offshore Wind Farms Projects

Chancellor Angela Merkel has revealed her plan to construct offshore wind farms that will stretch over an area six times the size of New York City, reports Bloomberg.

The plan expected to cost 200 billion euros ($268 billion), according to the DIW economic institute in Berlin, will also include installation of power lines that could stretch from London to Baghdad.

“Germany’s aim is to replace 17 nuclear reactors supplying a fifth of its electricity with renewables such as solar and wind. Merkel to succeed must experiment with untested systems and policies and overcome technical hurdles threatening the project“, said Stephan Reimelt, chief executive officer of General Electric Co. (GE)’s energy unit in the country.

The program is currently expanding markets for Suntech Power Holdings Co. (STP), the world’s biggest solar panel maker, and Vestas Wind Systems A/S (VWS), the largest maker of wind turbines.

Germany has already constructed the world’s biggest renewable generation complex, with 53.8 gigawatts of wind and solar generators last year. Some of the country’s biggest companies are entering the renewables business and backing the innovations needed for expanding the industry. Hochtief AG (HOT) has commissioned four heavy-duty ships to erect wind farms at sea including the 200 million euro “Innovation.”

[mappress]

Offshore WIND  Staff, March 19, 2012; Image: weforum