EnBW has made the final investment decision (FID) for the He Dreiht offshore wind project in the German North Sea, clearing the way for the start of construction of the company’s largest offshore wind farm to date, with an installed capacity of 960 MW.
EnBW secured the contract in 2017 in the first offshore tendering process in Germany with a zero-cent bid and is building the wind farm without state funding.
“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”, said Thomas Kusterer , EnBW CFO.
The investment cost for He Dreiht is around EUR 2.4 billion, EnBW said. To finance this project, the developer has secured an additional EUR 600 million in long-term funding from the European Investment Bank.
Once operational in 2025, the project will then generate green electricity for the equivalent of 1.1 million households.
Located approximately 85 kilometres northwest of the Island of Borkum and about 110 kilometres west of Heligoland, He Dreiht will comprise a total of 64 Vestas turbines with an individual output of 15 MW.
EnBW received the plan approval decision and thus the permit for the offshore wind farm from the German Federal Maritime and Hydrographic Agency (BHS) in December 2022.
The developer has so far signed several long-term Power Purchase Agreements (PPAs) for He Dreith with Evonik, separately for 100 MW and 50 MW , Fraport AG for 85 MW , Bosch for 50 MW, and Salzgitter Flachstahl GmbH for 50 MW .
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EnBW Sells Minority Stake to Allianz Capital Partners EnBW has sold a 49.9 per cent minority stake in the He Dreiht offshore wind project to a consortium consisting of Allianz Capital Partners on behalf of Allianz insurance companies, AIP and Norges Bank.
Allianz will acquire a 16.6 per cent stake in the project. The transaction is expected to close in the third quarter of 2023.
“Allianz is keen to support the energy transition which is underlined by our first direct investment into offshore wind in Germany. He Dreiht shall supply around 1.1 million households in Germany with green and safe energy while delivering stable and long-term cash yields for our insurance customers”, said Carsten Quitter , Chief Investment Officer, Allianz Group.
Allianz made its first offshore wind investment in 2021, with the purchase of a 25.2 per cent stake in the 1.5 GW Hollandse Kust Zuid wind farm offshore the Netherlands from the Chemicals producer BASF.
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