LEGO Banks on Wind Power with $500M Investment
LEGO Group’s parent company, Kirkbi A/S, will be investing over $500 million in a wind farm to show it is serious about green energy. The group will be buying almost a third of a German offshow wind power project and will have a 32 percent stake in DONG Energy’s 277-megawatt Borkum Riffgrund 1 wind farm.
DONG’s wind power project is scheduled to be fully operational by 2015. LEGO will now be allowed to place customer labels on products that certify the company uses wind energy. Kirkbi Chief Executive Soren Thorup Sorensen told Reuters that, “This investment supports the LEGO Group’s ambitious environmental goals.”
DONG Energy, an oil, gas and electricity producer, wants to open up the doors for new investors especially ones who want to get into the renewable energy sector. The company has been a world leader in offshore wind farms with 1.3 gigawatts of capacity in operation and 1.1 GW under construction. The Borkum Riffgrund 1 will consist of 77 3.6 megawatt wind turbines from Siemens Wind Power. The wind power is expected to provide LEGO with all the energy it needs through 2020. It should be noted that LEGO creates 19 billion colorful bricks every year.
Jørgen Vig Knudstorp, LEGO Group CEO, said of the investment, “One of our fundamental values is that we want to help enable future generations of children to grow up in a better world. We do that first and foremost through our play materials – but also by improving the safety of our employees, improving the energy efficiency of our production, and reducing the volume of waste. In the field of renewable energy our objective is an ambitious one – and I am very pleased at this time to be able to announce this investment.”