This subsidy-free offshore wind farm is currently one of the largest energy transition projects in Europe. The investment cost for He Dreiht is around €2.4 billion. It is expected to be operational by the end of 2025. He Dreiht will then generate green electricity for the equivalent of 1.1 million households.
“With the sale of a 49.9% minority stake to a consortium consisting of Allianz Capital Partners on behalf of Allianz insurance companies, AIP and Norges Bank Investment Management, we have succeeded in bringing highly professional and experienced partners on board even before construction begins,”
said CFO Thomas Kusterer.
EnBW has so far signed several long-term power purchase agreements (PPAs) for He Dreiht with well-known companies such as Fraport, Evonik, Salzgitter and Bosch, covering a total volume of 335 MW. Talks with other companies are underway.
In the expansion of renewables, PPAs are an important means of underpinning and financing unsubsidized projects in the market. At the same time, more and more companies are striving to become carbon neutral, creating growing demand for green, carbon-free power. By entering into PPAs, companies and municipal utilities gain access to green power to meet their own climate targets and serve their customers.
To finance this major project, EnBW has secured an additional €600 million in long-term funding from the European Investment Bank, one of the world's largest financiers of climate and environmental projects.