EU offshore wind projects face shortage of funds


European Wind Energy Association said that offshore wind projects, which are expected to fulfill around 17 per cent of the European Union' energy demands by 2030, are facing acute shortage of funds.

Offshore wind projects require 57 billion euros by 2020 to complete projects with 40 Gigawatts of generating-capacity, while some huge projects with 100 Gigawatts of generating-capacity are already under construction.

But, Christian Kjaer, CEO of the EWEA, informed that the green projects are facing problems scarcity of funds, scarce grid connections and shortage of ships for fixing the turbines.

Around 8.6 Gigawatt of total new wind-energy capacity will be fixed in the 27 nations of the EU in 2009.

As per another report European Union expects to generate as much as a fifth of all its energy from renewable sources by 2020. It would help shun over 290-million tons of carbon dioxide emissions per year.

At present, offshore wind energy accounts for around 0.3 per cent of European Union's energy demand.

(via TopNews Europe. Contributed by Adalard Von Strauss)