German Banks Have Limited Ability to Fund Offshore Wind Power

German plans for shifting to renewables can be funded only to 50%, with banks having a limited ability to finance the rest when it comes to resources like offshore wind power.

According to Bloomberg’s information based on the report of the HVB Group, UniCreditSpA (UCG)’s German banking unit, referred to by Die Welt news site, the transition worth EUR 335 billion may only be half-funded.

What is more, the financial support will include onshore wind power and solar energy on roofs. As for the offshore wind power, the banks have a limited ability to fund it because of the risks, which are also connected with electricity grids and reserve power plants.

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Offshore WIND staff, June 25, 2012; Image: Alpha Ventus