German government-owned development bank KfW announced that they will lend €100 billion ($123 billion) to renewable energy and energy efficiency programmes in Germany over the next five years.
Dr Ulrich Schröder, Chief Executive Officer of KfW said: "KfW has taken responsibility as a promotional bank” in the country’s transition from fossil fuels and nuclear energy to renewables.
He added: “In the next five years we intend to extend loans totalling €100 billion for renewable energies and energy efficiency.”
As well as supporting enterprises in developing and implementing new technologies, KfW has lowered interest rates in many programmes of the "Energy Turnaround Action Plan" to a historic low of 1%."
