Germany: EIB Finances EnBW Baltic 2 with € 500 Million

The European Investment Bank (EIB) has granted a loan of € 500 million to the largest offshore wind farm to date in the German Baltic Sea; EnBW Baltic 2. The project is being realised by EnBW Erneuerbare Energien GmbH. The financing contract was signed today in Karlsruhe.

The position and scale of EnBW Baltic 2 make it particularly demanding. The 80 wind turbines will be developed on an area of 27 square kilometers, 32 km north of the island of Rügen. The sea can be 44 metres deep in this area, which means that special foundation structures, so-called jackets, are required. With a capacity of 288 megawatts, EnBW Baltic 2 will achieve an annual output of 1.2 billion kilowatt hours. This means around 340,000 households can be supplied annually and around 900,000 tonnes of carbon dioxide can be saved in this way.

The project operator is the company EnBW Baltic 2 GmbH, which was founded for this purpose. EnBW Baltic 2 is already the second offshore wind farm in the German Baltic Sea for EnBW. The energy company also operates the offshore wind farm EnBW Baltic 1, which is situated in a more southerly location. However, EnBW Baltic 2 surpasses its predecessor by far in terms of scale and output: it will have four times as many turbines and generate six times more electricity. The turbines should be put into operation in 2014.

 “Demanding projects are required so that Germany can implement its ambitious energy aims. EnBW Baltic 2 sets standards. It will be exemplary for future projects of this magnitude. With the financing that has now been agreed, it will be possible to implement the extensive project quickly and make a decisive contribution to the success of the energy transition” said Wilhelm Molterer, Vice President of the European Investment Bank and also responsible for financing in Germany.

Thomas Kusterer, Financial Chairman of EnBW Energie Baden-Württemberg AG, underlined: “The commitment of EIB to a project like EnBW Baltic 2 makes a very essential contribution towards the energy transition. Participation of the EIB in such projects represents a decisive element in structuring and financing. We are delighted that we have created a solid financial basis for the project by signing the contract with the EIB.”

[mappress]

Press release, January 11, 2013; Image: enbw