German Energy Switch May Only Be 50 Percent Funded, Welt Says
Germany’s 335 billion-euro ($420 billion) transition to renewable energy such as wind and solar power may only be financed to 50 percent, with limited chances of finding bank financing for the rest, Die Welt reported, citing a report by UniCredit SpA (UCG)’s German division HVB Group.
Funding will be forthcoming for wind power turbines on land and solar energy on roofs, which would account for half of the new energy sources in the transition due to be completed by 2030, the report said, according to Die Welt.
Banks have a limited ability to provide funding for offshore wind power, electricity grids and reserve power plants because of the risks, Welt said, citing the HVB study.
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