KfW to Finance German Offshore Wind Projects

KfW, German state development bank, published yesterday its results for the first half of 2012 and revealed its future plans.  Under the KfW Action Plan to support the energy turnaround, the bank plans to extend loans to EUR 100 billion for renewable energies and energy efficiency in the next five years.

In its further financial plans, KfW will fund German offshore wind projects, which are now facing delays in the grid connection of offshore wind farms.

The bank says that it is involved in considerations aimed at improving the financing situation for grid connections to offshore and the expansion of the grid. It has not yet made any commitments in 2012 in its Offshore Wind Energy Programme, though interest in offshore wind remains at an invariably high level.

In that context, Reuters quotes Dr. Ulrich Schröder, Chief Executive Officer of KfW Bankengruppe, as saying that the majority of the amount (EUR 12.1 billion) for environmental projects in the first half of 2012 was used by small-scale projects. Now, the bank plans to change that and fund large projects, such as offshore wind parks.

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Offshore WIND staff, August 9, 2012; Image: Alpha Ventus