Lego investing $530M in wind turbines
Wind turbines are seen in the north of Lisbon on December 13, 2011. (REUTERS/Jose Manuel Ribeiro)
Over the next four years, Lego's parent company will invest more than $530 million into an offshore wind farm project off the German coast.
By doing so, KIRKBI, which owns 75% of Lego, will own one-third of the wind farm's production of electric power.
"One of our fundamental values is to 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," Lego Group CEO Jorgen Vig Knudstorp said in a release on Lego's website Thursday.
"We're on a journey, a never-ending journey — but the investment in renewable energy is a huge step in the right direction."
The company's goal is to generate enough renewable energy capacity to meet 100% of its energy needs by 2020.
Lego is also working to improve energy efficiency in production of its products.
The wind farm will have 77 turbines and will be located about 55 km off the northwest coast of Germany. It's expected the turbines will generate enough power for 300,000 homes.
There was no word on if the turbines would be built using tiny, multicoloured blocks.