VC funding for cleantech startups tumbled in the third quarter, last week Vestas announced plans to layoff 3,000 employees, and on Wednesday, First Wind shelved IPO plans amid weak demand? the wind energy sector is certainly facing its share of headwinds but there are still signs of life. On Tuesday, the South Korean government announced that it will invest 9.2 trillion won, or $8.2 billion, through 2019 to build offshore wind farms. According to reports, the goal is to have 500 wind turbines along the country's west coast in the Yellow Sea with a capacity of 2500 megawatt hours.
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