Germany’s federally owned KfW banking group is facilitating renewable energy and energy efficiency investments in Germany with €100bn ($140bn) over the next five years.
The move is intended to decrease investment risk and accelerate the country’s move to renewable energy.
Tobias Homann, a photovoltaic industry expert with Germany Trade and Invest, said: “With the decision to abandon nuclear power earlier this year, it was clear that the road ahead would be challenging. Germany is in a very promising position to be the first industrialised country to rely entirely on renewable energy.”
The new KfW loans and projects target a range of energy areas, including energy efficiency, smart grids, as well as wind and solar energy generation. In 2010, 40 per cent of photovoltaic installations were financed by KfW. Photovoltaic energy in Germany recently made headlines for surpassing hydropower in total energy generation.
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