EnBW has made the final investment decision necessary for the start of work on its 960MW He Dreiht offshore wind project in the German North Sea.
Additionally, the project’s developer sold a 49.9% minority stake to a group made up of Allianz Capital Partners, AIP, and Norges Bank on behalf of the Allianz insurance companies.
One of Germany’s largest zero percent, subsidy-free offshore wind farms will be produced by He Dreiht, which will use Vestas 15MW turbines.
The estimated investment cost for is €2.4 billion. By the end of 2025, it should be up and running.
Andreas Schell, EnBW CEO, said “The final investment decision for the construction of our He Dreiht offshore wind farm is an important milestone in accelerating the energy transition.”
“Long planning horizons and extensive preparatory work in the offshore wind industry require a high degree of foresight, expertise and readiness to make decisions and invest.”
“This is another big step towards a carbon-free energy future.”
Thomas Kusterer, EnBW CFO, said “In He Dreiht, we are building one of Germany’s largest offshore wind farms. We succeeded in the first German offshore tender in 2017 with a zero-cent bid and made an important contribution to the further development of the offshore market.”
According to Kusterer, yesterday’s choice is a reward for more than six years of excellent teamwork.
EnBW has thus far secured a number of long-term power purchase agreements, totaling 335MW, for He Dreiht with renowned businesses including Fraport, Evonik, Salzgitter, and Bosch.
There are ongoing discussions with other businesses.
PPAs are a crucial tool for supporting and funding market-wide unsubsidized projects in the spread of renewable energy sources.
Companies and municipal utilities can access green power through PPAs in order to satisfy their own climate targets and provide for their customers.
EnBW has acquired an additional €600m in long-term funding for this significant project from the European Investment Bank, one of the leading financiers of climate and environmental initiatives in the world.
EnBW will be in charge of technical, commercial, and maintenance management once everything is finished.
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