European Wind Energy Association said that offshore wind projects, which are expected to fulfill around 17 per cent of the European Union' energy demands by 2030, are facing acute shortage of funds.

Offshore wind projects require 57 billion euros by 2020 to complete projects with 40 Gigawatts of generating-capacity, while some huge projects with 100 Gigawatts of generating-capacity are already under construction.

Ryanair, Europe's largest low-cost airline, has clocked a fiscal first-quarter profit after its fuel costs tumbled.

First-quarter net income stood at €123 million (Dh642m) from a loss of €90.5m in the same period a year earlier. The sources said that Ryanair is slashing its fare prices to lure passengers among a slump in demand caused by the global recession. The carrier said its fuel costs have witnessed a dip by 42 per cent compared to the same period a year ago when the price of crude oil was climbing towards a record.