Energy company EnBW has secured funding to begin construction of an offshore wind farm in He Dreiht, Germany.
The final investment amount of €2.4 billion, or $2.5 billion, clears the way for the start of construction of a development with an installed capacity of 960 MW.
Investors include Allianz Capital Partners, AIP and Norges Bank Investment Management.
“The final investment decision for the construction of our He Dreiht offshore wind farm is an important milestone in accelerating the energy transition,” says EnBW CEO Andreas Schell. “[Long-term] planning 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.”
The subsidy-free offshore wind farm 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.