German automotive giant Volkswagen says it will put EUR 40 million into the construction of solar and wind energy parks between now and 2025. The carmaker describes the investment as its contribution to help meet additional needs for green energy as part of Germany’s transition to electric mobility.
“Volkswagen is supporting the production of renewable energy on an industrial scale,” VW’s passenger car brand chairman, Ralf Brandstätter, said in a statement. “It’s the first carmaker to do so.”
The investment will allow VW-supported projects to produce some seven terawatt hours of green energy a year. That’s roughly the capacity of 300 new wind turbines and enough to power 600,000 households or two million mid-sized EVs for a year.
VW saws the initiative’s first contracts have already been signed. The carmaker is partnering with German energy company RWE.