EnBW moves ahead with 960 MW German offshore wind farm as it sells nearly half its stake
German energy group Energie Baden-Württemberg (EnBW) has made a final investment decision for its €2.4bn ($2.61bn) He Dreiht offshore wind project and sold 49,9% to a consortium consisting of Allianz Capital Partners, AIP and Norges Bank Investment Management.
“With the sale of a 49.9% minority stake we have succeeded in bringing highly professional and experienced partners on board even before construction begins,” commented EnBW’s chief financial officer Thomas Kusterer.
With a capacity of 960 MW, He Dreiht is one of the largest offshore wind power projects in Europe and the largest in EnBW’s portfolio. The project, backed by €600m European Investment Bank funding, will be realised without state subsidies and is one of the world’s first zero-cent bids in an offshore auction.
Located some 85 km northwest of the island of Borkum and 110 km west of Heligoland, the wind farm is expected to be operational by the end of 2025 and will generate electricity for the equivalent of 1.1m households. EnBW has so far signed several long-term power purchase agreements for He Dreiht with companies such as Fraport, Evonik, Salzgitter and Bosch, covering a total volume of 335 MW. Cadeler, Heerema and Seaway 7 are among the project’s major contractors.
